Dogecoin has started a new decline against the US dollar below the $0.1050 zone. DOGE is currently cleaning up its losses and could face hurdles near $0.10 and $0.1040.
DOGE price started a new decline below the $0.1050 level. The price is trading below the $0.10 level and the 100 hourly simple moving average. On the hourly chart of the DOGE/USD pair, a major bearish trend line has formed with resistance at $0.1005 (data source: Kraken). If the price falls below $0.1020 and $0.1040, losses may increase.
Dogecoin price is facing difficulties
Dogecoin price started a new decline after closing below $0.1050, similar to Bitcoin and Ethereum. DOGE has fallen below the $0.1040 and $0.1020 support levels.
Prices traded below $0.10. The low was formed around $0.0955 and the price is currently showing bearish signs. There was a recovery wave above $0.0980, but the price fell below the 23.6% Fib retracement level of the decline from the swing high of $0.1174 to the low of $0.0955.
Dogecoin price is currently trading below the $0.10 level and the 100-hour simple moving average. There is also an important bearish trend line forming at the $0.1005 resistance on the hourly chart of the DOGE/USD pair.
If there is a wave of recovery, the top resistance for the time being will be around the $0.10 level. The first major resistance for the bulls could be near the $0.1005 level and trendline. The next major resistance level is near the $0.1040 level, or the 38.2% Fib retracement level of the decline from the swing high of $0.1174 to the low of $0.0955.
If the price closes above the $0.1040 resistance, the price could head towards the $0.1065 resistance. Further upside could send the price towards the $0.1120 level. The next major stop for the bulls could be at $0.1150.
Another decline in DOGE?
If DOGE price fails to break above the $0.1040 level, the decline may continue. Downside support is near $0.0955. The next major support is near the $0.0920 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 – $0.0955 and $0.0920.
Key resistance levels – $0.1005 and $0.1040.
