Dogecoin started a new decline at $0.0950 resistance against the US dollar. DOGE may extend its downtrend as long as the closing price does not exceed $0.090.
- DOGE struggled near $0.0950 and began a new downward trend against the US dollar.
- The price is trading below the $0.090 level and the 100 simple moving average (4-hours).
- There is a major bearish trendline forming on the 4-hours chart of the DOGE/USD pair with resistance near $0.0920 (data source from Kraken).
- The price may begin to recover once $0.090 and $0.0950 are cleared.
Dogecoin Price Faces Major Hurdle
Over the past few sessions, Dogecoin price has struggled to rise above $0.0920. DOGE stayed below the $0.095 resistance zone and began a new downtrend like Bitcoin and Ethereum.
There was a sharp decline below the $0.0900 and $0.0865 support levels. It even tested the $0.0760 area. A low was formed around $0.0760 and the price is currently showing signs of recovery. There was a move above the $0.080 resistance zone.
It cleared the 23.6% Fib retracement level of the downward move from the $0.0943 swing high to the $0.0760 low. DOGE is currently trading below the $0.090 level and the 100 simple moving average (4-hours). There is also a major bearish trend line forming with resistance near $0.0920 on the 4-hours chart of the DOGE/USD pair.
On the other hand, the price is finding resistance near $0.0875. It is close to the 61.8% Fib retracement level with a downward move from the $0.0943 swing high to the $0.0760 low. The next major resistance is near the $0.090 level.
Source: DOGEUSD on TradingView.com
A close above the $0.090 resistance line may cause the price to head towards the $0.092 resistance line. The next major resistance is near $0.095. If more profits are made, the price may drop to the $0.105 level.
Are there any more downsides to DOGE?
If DOGE’s price fails to rise above the $0.0875 level, a new decline could begin. Initial support for the downside is near the $0.080 level.
The next major support is near the $0.0760 level. A break below the $0.0760 support could lead the price to fall further. If indicated, the price may fall to the $0.0710 level.
technical indicators
4-Hour MACD – The MACD for DOGE/USD is now gaining momentum in bearish territory.
4-hour RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.
Key support levels – $0.080, $0.0760 and $0.0710.
Key resistance levels – $0.0875, $0.0920, $0.0950.
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