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Dogecoin (DOGE) Breakdown Risk Grows, Is a Sharp Decline Next?

Source Newsbtc

Dogecoin started a fresh decline below the $0.0920 zone against the US Dollar. DOGE is now consolidating losses and might face hurdles near $0.0910 and $0.0920.

DOGE price started a fresh decline below the $0.0920 level.
The price is trading below the $0.0910 level and the 100-hourly simple moving average.
There is a bearish trend line forming with resistance at $0.0910 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price could extend losses if it stays below $0.0910 and $0.0920.

Dogecoin Price At Risk of Key Downside Break

Dogecoin price started a fresh decline after it closed below $0.0932, like Bitcoin and Ethereum. DOGE declined below the $0.0920 and $0.0910 support levels.

The price even traded below $0.090. A low was formed near $0.0889, and the price is now showing bearish signs. There was a recovery wave above $0.0900, but the price stayed below the 38.2% Fib retracement level of the downward move from the $0.0944 swing high to the $0.0889 low.

Dogecoin price is now trading below the $0.0910 level and the 100-hourly simple moving average. If there is a recovery wave, immediate resistance on the upside is near the $0.0910 level.

The first major resistance for the bulls could be near the $0.0920 level and the 50% Fib retracement level of the downward move from the $0.0944 swing high to the $0.0889 low. There is also a bearish trend line forming with resistance at $0.0920 on the hourly chart of the DOGE/USD pair.

The next major resistance is near the $0.0932 level. A close above the $0.0932 resistance might send the price toward the $0.0950 resistance. Any more gains might send the price toward the $0.0980 level. The next major stop for the bulls might be $0.10.

More Losses In DOGE?

If DOGE’s price fails to climb above the $0.0920 level, it could continue to move down. Initial support on the downside is near the $0.090 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 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 – $0.0900 and $0.0880.

Major Resistance Levels – $0.0920 and $0.0932.

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

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