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Dogecoin (DOGE) Turns Lower, Downside Risk Builds Rapidly

Source Newsbtc

Dogecoin corrected some gains from the $0.0960 zone against the US Dollar. DOGE is now holding the $0.0900 support and remains at risk of more losses.

DOGE price started a fresh downside correction below $0.0950.
The price is trading below the $0.0930 level and the 100-hourly simple moving average.
There is a bearish trend line forming with resistance at $0.0925 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 $0.090.

Dogecoin Price Trims Gains

Dogecoin price started a downside correction after it failed to surpass $0.0960, like Bitcoin and Ethereum. DOGE declined below the $0.0950 and $0.0940 levels.

There was a move below the 50% Fib retracement level of the upward move from the $0.0899 swing low to the $0.0960 high. Besides, there is a bearish trend line forming with resistance at $0.0925 on the hourly chart of the DOGE/USD pair.

The price even spiked below $0.0920 before the bulls appeared. Dogecoin price is now trading above the $0.090 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.0920 level.

The first major resistance for the bulls could be near the $0.0925 level and the trend line. The next major resistance is near the $0.0935 level. A close above the $0.0935 resistance might send the price toward $0.0950. Any more gains might send the price toward $0.0980. The next major stop for the bulls might be $0.10.

More Losses In DOGE?

If DOGE’s price fails to climb above the $0.0925 level, it could continue to move down. Initial support on the downside is near the $0.0912 level or the 76.4% Fib retracement level of the upward move from the $0.0899 swing low to the $0.0960 high

The next major support is near the $0.0910 level. The main support sits at $0.090. If there is a downside break below the $0.090 support, the price could decline further. In the stated case, the price might slide toward the $0.0880 level. Any more losses might call for a test of $0.0850.

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 – $0.0910 and $0.0900.

Major Resistance Levels – $0.0925 and $0.0935.

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

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