Dogecoin deepened losses and was trading below $0.1120 against the US dollar. DOGE is currently stable above $0.100 and trying to rebound.
- DOGE price began another decline below the $0.1150 and $0.1120 levels.
- The price is below the $0.1120 level and the 100-hour elementary moving average.
- A major bearish trend line is forming on the hourly chart of the DOGE/USD pair with resistance at $0.1175 (data source from Kraken).
- The price could begin another rally if it breaks the $0.1120 and $0.1175 resistance levels.
Dogecoin price reduces profits
Dogecoin price failed to stay above the resistance zone at $0.1320. DOGE formed a high at $0.1320 and started moving lower, similar to Bitcoin and Ethereum.
There was a move below the $0.1200 and $0.1150 levels. The price even dropped below the support of $0.1120. The bottom was formed at USD 0.1025 and the price is currently consolidating losses. There was a slight enhance above the $0.1060 level.
Dogecoin price is currently trading below the $0.1150 level and the 100-hour elementary moving average. Immediate upside resistance is located near the $0.1095 level. It is close to the 23.6% Fib retracement level resulting from a downward move from a high of $0.1320 to a low of $0.1025.
The next major resistance is near the $0.1120 level. A close above the $0.1120 resistance could push the price towards the $0.1175 resistance. A major bearish trend line is also forming on the hourly chart of DOGE/USD with resistance at $0.1175.
The trendline is near the 50% Fib retracement level while moving down from the high of $0.1320 to the low of $0.1025. Any further gains could push the price towards the $0.1200 level. The next major stop for bulls could be $0.1320.
More losses at DOGE?
If the DOGE price does not rise above the $0.1095 level, another decline could begin. Initial downside support is near the $0.1060 level. The next critical support is near the $0.1050 level.
The main support is located at USD 0.100. If there is a break below the support at $0.100, the price may decline further. In this case, the price may drop towards the USD 0.0950 or even USD 0.0880 level in the near future.
Technical indicators
Hourly MACD – The MACD for DOGE/USD is currently losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is currently below the 50 level.
Major support levels – USD 0.1060 and USD 0.1000.
Major resistance levels – $0.1095 and $0.1120.
