Dogecoin (DOGE) Slips After Failure, Can Bulls Contain More Downside?

Dogecoin started a fresh decline below the $0.0980 zone against the US Dollar. DOGE is now consolidating losses and might face hurdles near $0.0950 and $0.0980.

• DOGE price started a fresh decline below the $0.0965 level.
• The price is trading below the $0.0965 level and the 100-hourly simple moving average.
• There is a bearish trend line forming with resistance at $0.0950 on the hourly chart of the DOGE/USD pair (data source from Kraken).
• The price could extend losses if it stays below $0.0950 and $0.0980.

Dogecoin Price At Risk of More Downside

Dogecoin price started a fresh decline after it closed below $0.0980, like Bitcoin and Ethereum. DOGE declined below the $0.0965 and $0.0950 support levels.

The price even traded below $0.0925. A low was formed near $0.0917, and the price is now showing bearish signs. There was a recovery wave above $0.0940, but the price stayed below the 23.6% Fib retracement level of the downward move from the $0.1044 swing high to the $0.0917 low.

Dogecoin price is now trading below the $0.0950 level and the 100-hourly simple moving average. If there is a recovery wave, immediate resistance on the upside is near the $0.0950 level. There is also a bearish trend line forming with resistance at $0.0950 on the hourly chart of the DOGE/USD pair.

The first major resistance for the bulls could be near the $0.0980 level and the 50% Fib retracement level of the downward move from the $0.1044 swing high to the $0.0917 low. The next major resistance is near the $0.10 level.

A close above the $0.10 resistance might send the price toward the $0.1050 resistance. Any more gains might send the price toward the $0.1080 level. 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 $0.0920 level. The next major support is near the $0.0880 level.

The main support sits at $0.0850. If there is a downside break below the $0.0850 support, the price could decline further. In the stated case, the price might slide toward the $0.0800 level or even $0.0750 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 – $0.0920 and $0.0880.

Major Resistance Levels – $0.0950 and $0.0980.