Dogecoin corrected some gains and traded below $0.1050 against the US Dollar. DOGE is now holding the $0.10 support and might aim for a fresh increase.
- DOGE price started a fresh downside correction below $0.1120.
- The price is trading below the $0.1050 level and the 100-hourly simple moving average.
- There is a declining channel forming with resistance at $0.1020 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 $0.10.
Dogecoin Price Faces Resistance
Dogecoin price started a downside correction after it failed to stay above $0.1150, like Bitcoin and Ethereum. DOGE declined below the $0.1100 and $0.1080 levels.
There was a move below the 50% Fib retracement level of the upward move from the $0.0878 swing low to the $0.1175 high. The price even spiked below $0.10 before the bulls appeared. The price is now forming a base above $0.10 and preparing for the next move.
There is also a declining channel forming with resistance at $0.1020 on the hourly chart of the DOGE/USD pair. Dogecoin price is now trading below the $0.1050 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.1020 level. The first major resistance for the bulls could be near the $0.1070 level.
The next major resistance is near the $0.1120 level. A close above the $0.1120 resistance might send the price toward $0.1150. Any more gains might send the price toward $0.1180. The next major stop for the bulls might be $0.120.
Another Decline In DOGE?
If DOGE’s price fails to climb above the $0.1020 level, it could continue to move down. Initial support on the downside is near the $0.10 level.
The next major support is near the $0.0945 level or the 76.4% Fib retracement level of the upward move from the $0.0878 swing low to the $0.1175 high. The main support sits at $0.0920. If there is a downside break below the $0.0920 support, the price could decline further. In the stated case, the price might slide toward the $0.0875 level or even $0.0865 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 above the 50 level.
Major Support Levels – $0.1000 and $0.0945.
Major Resistance Levels – $0.1020 and $0.1070.
Source: https://www.newsbtc.com/analysis/doge/dogecoin-doge-builds-accumulation-0-10/
