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Dogecoin (DOGE) Pullback Sparks Tension — Will Support Hold?

Source Newsbtc

Dogecoin corrected some gains and traded below $0.0950 against the US Dollar. DOGE is now holding the $0.0915 support and might aim for a fresh increase.

DOGE price started a fresh downside correction below $0.0950.
The price is trading above the $0.0920 level and the 100-hourly simple moving average.
There is a declining channel forming with support at $0.0912 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 $0.0910.

Dogecoin Price Trims Gains

Dogecoin price started a downside correction after it failed to stay above $0.0980, like Bitcoin and Ethereum. DOGE declined below the $0.0965 and $0.0950 levels.

There was a move below the 50% Fib retracement level of the upward move from the $0.0859 swing low to the $0.1004 high. The price even spiked below $0.0950 before the bulls appeared. The price is now forming a base above $0.0920 and preparing for the next move.

There is a declining channel forming with support at $0.0912 on the hourly chart of the DOGE/USD pair. Dogecoin price is now trading above the $0.0920 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.0940 level.

The first major resistance for the bulls could be near the $0.0955 level. The next major resistance is near the $0.0980 level. A close above the $0.0980 resistance might send the price toward $0.10. Any more gains might send the price toward $0.1050. The next major stop for the bulls might be $0.1120.

More Losses In DOGE?

If DOGE’s price fails to climb above the $0.0950 level, it could continue to move down. Initial support on the downside is near the $0.0915 level.

The next major support is near the $0.090 level or the 76.4% Fib retracement level of the upward move from the $0.0859 swing low to the $0.1004 high. The main support sits at $0.0860. If there is a downside break below the $0.0860 support, the price could decline further. In the stated case, the price might slide toward the $0.0825 level.

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 – $0.0920 and $0.0880.

Major Resistance Levels – $0.0950 and $0.0980.

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

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