Dogecoin corrected some gains from the $0.0985 zone against the US dollar. DOGE is currently holding support at $0.0950 and may be heading for fresh growth.

• DOGE price has started a novel downward correction below $0.0965.
• The price is above the $0.0950 level and the 100-hour basic moving average.
• A bullish trend line is forming on the hourly chart of the DOGE/USD pair with support at USD 0.0955 (data source from Kraken).
• The price may look to rise again if it remains stable above $0.0950.

Dogecoin price maintains support

Dogecoin price began a downward correction after failing to break above $0.0985, along with Bitcoin and Ethereum. DOGE fell below the $0.0980 and $0.0970 levels.

There has been a move below the 50% Fib retracement level, which is an upward move from the low of $0.0936 to the high of $0.0985. Before the bulls emerged, the price even rose below $0.0955. Dogecoin price is currently trading above the $0.0950 level and the 100-hour basic moving average. Additionally, a bullish trend line is forming on the hourly chart of the DOGE/USD pair with support at USD 0.0955.

Immediate upside resistance is located near the $0.0980 level. The first major resistance for bulls may be near the $0.0985 level. The next major resistance is near the $0.10 level.

A close above the resistance at $0.10 could send the price towards $0.1120. Any further gains could push the price towards $0.1150. The next major stop for bulls could be $0.120.

Downside in DOGE?

If the DOGE price does not rise above the $0.0980 level, it may continue to decline. Initial downside support is located near the $0.0955 level and the trend line. It is close to the 61.8% Fib retracement level, which is an upward move from the low of $0.0936 to the high of $0.0985.

The next essential support is near the USD 0.0950 level. The main support is located at USD 0.0920. If there is a break below the support at $0.0920, the price may decline further. In this case, the price may move towards the USD 0.0880 level. Larger losses may require a test of $0.0850.

Technical indicators

Hourly MACD – The MACD for DOGE/USD is currently gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is currently above the 50 level.

Major support levels – USD 0.0950 and USD 0.0920.

Major resistance levels – $0.0980 and $0.0985.