Dogecoin Price (DOGE) Struggles: Can It Overcome the Slump?
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Dogecoin extended losses and traded below $0.100 against the US Dollar. DOGE is struggling and might face challenges near $0.100 and $0.1050.
DOGE price started a fresh decline and traded below $0.0980.
The price is trading below the $0.0980 level and the 100-hourly simple moving average.
There was a break below a connecting bullish trend line with support at $0.0975 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price could start a recovery wave if it clears the $0.100 and $0.1050 levels.
Dogecoin Price Faces Challenges
In the past few sessions, Dogecoin price saw a fresh decline below the $0.100 level like Bitcoin and Ethereum. The price traded below the $0.0980 level to move further in a bearish zone.
There was a spike below the $0.0920 level. A low was formed at $0.0917 and the price is now attempting a recovery wave. There was a minor increase above the $0.0950 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.1005 swing high to the $0.0917 low.
Dogecoin price is now trading below the $0.100 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.0962 level or the 50% Fib retracement level of the downward move from the $0.1005 swing high to the $0.0917 low.
The next major resistance is near the $0.0985 level. A close above the $0.0985 resistance might send the price toward the $0.100 resistance. Any more gains might send the price toward the $0.1050 level. The next major stop for the bulls might be $0.1120.
Another Decline In DOGE?
If DOGE’s price fails to climb above the $0.0985 level, it could start another decline. Initial support on the downside is near the $0.0940 level. The next major support is near the $0.0920 level.
The main support sits at $0.090. If there is a downside break below the $0.0900 support, the price could decline further. In the stated case, the price might decline toward the $0.0862 level or even $0.0850 in the near term.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.
Major Support Levels – $0.0940 and $0.0920.
Major Resistance Levels – $0.0985 and $0.1000.
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* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
