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Dogecoin (DOGE) Gives Back Gains, Support Level Under Spotlight

Source Newsbtc

Dogecoin corrected some gains and traded below $0.1080 against the US Dollar. DOGE is now holding the $0.10 support but might decline further.

DOGE price started a fresh downside correction from $0.1175.
The price is trading above the $0.10 level and the 100-hourly simple moving average.
There is a key bullish trend line forming with support at $0.10 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price could aim for a fresh increase if it remains stable above $0.10.

Dogecoin Price Dips Again

Dogecoin price started a downside correction after it failed to clear $0.1175, unlike Bitcoin and Ethereum. DOGE declined below the $0.1120 and $0.1080 levels.

There was a move below the 50% Fib retracement level of the upward move from the $0.0878 swing low to the $0.1175 high. The bears even pushed the price below $0.1040. However, there is a key bullish trend line forming with support at $0.10 on the hourly chart of the DOGE/USD pair.

Dogecoin price is now trading above the $0.10 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.1035 level. The first major resistance for the bulls could be near the $0.1065 level.

The next major resistance is near the $0.1085 level. A close above the $0.1085 resistance might send the price toward $0.1120. Any more gains might send the price toward $0.1150. The next major stop for the bulls might be $0.1175.

More Losses In DOGE?

If DOGE’s price fails to climb above the $0.1060 level, it could continue to move down. Initial support on the downside is near the $0.10 level and the trend line.

The next major support is near the $0.0950 level or the 76.4% Fib retracement level of the upward move from the $0.0878 swing low to the $0.1175 high. The main support sits at $0.0928. If there is a downside break below the $0.0928 support, the price could decline further. In the stated case, the price might slide toward the $0.0880 level or even $0.0850 in the near term.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.

Major Support Levels – $0.1000 and $0.0950.

Major Resistance Levels – $0.1060 and $0.1085.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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