Dogecoin corrected some gains in the $0.0980 area against the US dollar. DOGE currently holds the $0.0940 support and could target a fresh increase.
- DOGE price began a new downward correction below $0.0955.
- The price is trading near the $0.0940 level and above the 100-hour simple moving average.
- On the hourly chart of the DOGE/USD pair, a break has occurred below the bullish trendline with support at $0.0952 (data source from Kraken).
- If the price remains stable above $0.0928, a fresh rally could be targeted.
Dogecoin Price Adjustment Profit
Dogecoin price began a downward correction after failing to exceed $0.0980 like Bitcoin and Ethereum. DOGE fell below the $0.0960 and $0.0955 levels.
It moved below the 38.2% Fib retracement level, rising from the $0.0897 swing low to the $0.0978 high. Moreover, on the hourly chart of the DOGE/USD pair, a break occurred below the bullish trendline with support at $0.0952.
The price also surged below $0.0950 before the uptrend began. Dogecoin price is currently trading around the $0.0940 level and above the 100-hour simple moving average. Immediate upside resistance is near the $0.0955 level.
The first major resistance for bulls could be near the $0.0980 level. The next major resistance is near the $0.10 level. A close above the $0.10 resistance could lead the price towards $0.1080. If more profits occur, the price may head towards $0.1120. The next major stop for the bulls could be at $0.120.
Will there be more losses in DOGE?
If DOGE’s price fails to rise above the $0.0980 level, it may continue to fall. Initial support for the bears is near the $0.0940 level or the 50% Fib retracement level of the rise from the $0.0897 swing low to the $0.0978 high.
The next major support is near the $0.09280 level. The main support level is $0.0880. A break below the $0.0880 support could lead the price to fall further. If indicated, the price may fall to the $0.0840 level. A test of $0.080 may be required for further losses to occur.
technical indicators
Hourly MACD – The MACD for DOGE/USD is now losing momentum in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for DOGE/USD is now below the 50 level.
Key support levels – $0.0940 and $0.0928.
Key resistance levels – $0.0955 and $0.0980.