Dogecoin extended its losses and traded below $0.1120 against the US dollar. DOGE is now stable above $0.100 and attempting a rebound.
- DOGE price began another decline below the $0.1150 and $0.1120 levels.
- The price is trading below the $0.1120 level and the 100-hour simple moving average.
- On the hourly chart of the DOGE/USD pair, there is a major bearish trendline forming at resistance $0.1175 (data source from Kraken).
- Clearing the $0.1120 and $0.1175 resistance levels could initiate another upward move for the price.
Dogecoin Price Adjustment Profit
Dogecoin price failed to continue rising above the $0.1320 resistance zone. DOGE hit a high of $0.1320 and began a downward trend like Bitcoin and Ethereum.
There was movement below the $0.1200 and $0.1150 levels. The price fell below the $0.1120 support line. A low was formed at $0.1025 and the price is currently consolidating losses. There was a slight increase above the $0.1060 level.
Dogecoin price is currently trading below the $0.1150 level and the 100-hour simple moving average. Immediate upside resistance is near the $0.1095 level. This is close to the 23.6% Fib retracement level of the downward move from the $0.1320 swing high to the $0.1025 low.
The next major resistance is near the $0.1120 level. A close above the $0.1120 resistance line may cause the price to head towards the $0.1175 resistance line. On the hourly chart of the DOGE/USD pair, there is also a major bearish trend line forming with resistance at $0.1175.
The trend line is close to the 50% Fib retracement level moving down from the $0.1320 swing high to the $0.1025 low. Any more profits could cause the price to fall towards the $0.1200 level. The next major stop for the bulls could be at $0.1320.
Will there be more losses in DOGE?
If DOGE’s price fails to rise above the $0.1095 level, another decline could begin. Initial support for the downside is near the $0.1060 level. The next major support is near the $0.1050 level.
The main support level is $0.100. A downward break below the $0.100 support could push the price lower. If indicated, the price may fall to the $0.0950 or even $0.0880 level in the short term.
technical indicators
Hourly MACD – The MACD for DOGE/USD is now losing momentum in bearish territory.
Hourly Relative Strength Index (RSI) – The RSI for DOGE/USD is now below the 50 level.
Key support levels – $0.1060 and $0.1000.
Key resistance levels – $0.1095 and $0.1120.