Dogecoin (DOGE) Dips Into Red as Bearish Pressure Quietly Builds Today

[Ben Graham]

Dogecoin started a fresh decline below the $0.10 zone against the US Dollar. DOGE is now consolidating losses and might face hurdles near $0.0950 and $0.10.

• DOGE price started a fresh decline below the $0.10 level.
• The price is trading below the $0.0950 level and the 100-hourly simple moving average.
• There is a key bearish trend line forming with resistance at $0.0958 on the hourly chart of the DOGE/USD pair (data source from Kraken).
• The price could extend losses if it stays below $0.10 and $0.1020.

Dogecoin Price At Risk of Downside Break

Dogecoin price started a fresh decline after it closed below $0.1020, like Bitcoin and Ethereum. DOGE declined below the $0.10 and $0.0950 support levels.

The price even traded below $0.0932. A low was formed near $0.0909, and the price is now showing bearish signs. There was a recovery wave above $0.0925, but the price stayed below the 38.2% Fib retracement level of the downward move from the $0.0974 swing high to the $0.0909 low.

Dogecoin price is now trading below the $0.0950 level and the 100-hourly simple moving average. There is also a key bearish trend line forming with resistance at $0.0958 on the hourly chart of the DOGE/USD pair.

If there is a recovery wave, immediate resistance on the upside is near the $0.0925 level or the 50% Fib retracement level of the downward move from the $0.0974 swing high to the $0.0909 low. The first major resistance for the bulls could be near the $0.0955 level and the trend line. The next major resistance is near the $0.0975 level.

A close above the $0.0975 resistance might send the price toward the $0.10 resistance. Any more gains might send the price toward the $0.1020 level. The next major stop for the bulls might be $0.1050.

Downside Break In DOGE?

If DOGE’s price fails to climb above the $0.0958 level, it could continue to move down. Initial support on the downside is near the $0.0910 level. The next major support is near the $0.090 level.

The main support sits at $0.0880. If there is a downside break below the $0.0880 support, the price could decline further. In the stated case, the price might slide toward the $0.0832 level or even $0.0820 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 – $0.0910 and $0.0900.

Major Resistance Levels – $0.0955 and $0.0975.