Dogecoin has started a new decline against the US dollar, falling below the $0.10 zone. DOGE is currently cleaning up its losses and could face hurdles near $0.0950 and $0.10.
DOGE price started a new decline below the $0.10 level. The price is trading below the $0.0950 level and the 100 hourly simple moving average. On the hourly chart of the DOGE/USD pair, a major bearish trend line has formed at the $0.0958 resistance level (data source: Kraken). If the price falls below $0.10 and $0.1020, losses may increase.
Dogecoin price is at risk of downside breakout
Dogecoin price started a new decline after closing below $0.1020, similar to Bitcoin and Ethereum. DOGE has fallen below the $0.10 and $0.0950 support levels.
The price traded below $0.0932. The low was formed around $0.0909 and the price is currently showing bearish signs. There was a recovery wave above $0.0925, but the price fell below the 38.2% Fib retracement level of the decline from the swing high of $0.0974 to the low of $0.0909.
Dogecoin price is currently trading below the $0.0950 level and the 100-hour simple moving average. There is also a major bearish trend line formed at the $0.0958 resistance on the hourly chart of the DOGE/USD pair.
If there is a wave of recovery, the immediate upside resistance would be around the $0.0925 level, or the 50% Fib retracement level of the decline from the swing high of $0.0974 to the low of $0.0909. The first major resistance for the bulls could be near the $0.0955 level and trendline. The next major resistance level is near the $0.0975 level.
If the closing price breaks above the $0.0975 resistance, the price may head towards the $0.10 resistance. Further upside could send the price towards the $0.1020 level. The next major stop for the bulls could be at $0.1050.
Downside break in DOGE?
If DOGE price fails to break above the $0.0958 level, the decline may continue. Downside support is located near $0.0910. The next major support is around the $0.090 level.
The main support lies at $0.0880. A downside break below the support at $0.0880 could cause the price to fall further. In the above case, the price may fall towards the $0.0832 level and even $0.0820 in the short term.
technical indicators
Hourly MACD – The MACD for DOGE/USD is currently gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is currently below the 50 level.
Major support levels – $0.0910 and $0.0900.
Key resistance levels – $0.0955 and $0.0975.
