Dogecoin (DOGE) Sinks To $0.08 Amid Relentless Bear Pressure

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 $0.10 level and the 100-hourly simple moving average.
• There is a key bearish trend line forming with resistance at $0.0950 on the hourly chart of the DOGE/USD pair (data source from Kraken).
• The price could extend losses if it stays below $0.0880 and $0.0850.

Dogecoin price started a fresh decline after it closed below $0.1120, like Bitcoin and Ethereum. DOGE declined below the $0.10 and $0.0950 support levels.

The price even traded below $0.0850. A low was formed near $0.080, and the price is now showing bearish signs. There was a recovery wave above $0.0840. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.1007 swing high to the $0.080 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 $0.0950 on the hourly chart of the DOGE/USD pair.

If there is a recovery wave, immediate resistance on the upside is near the $0.090 level. The first major resistance for the bulls could be near the $0.0950 level and the trend line. The next major resistance is near the $0.09850 level or the 61.8% Fib retracement level of the downward move from the $0.1007 swing high to the $0.080 low.

A close above the $0.0985 resistance might send the price toward the $0.1050 resistance. Any more gains might send the price toward the $0.1120 level. The next major stop for the bulls might be $0.120.

If DOGE’s price fails to climb above the $0.10 level, it could continue to move down. Initial support on the downside is near the $0.0850 level. The next major support is near the $0.0820 level.

The main support sits at $0.080. If there is a downside break below the $0.0750 support, the price could decline further. In the stated case, the price might slide toward the $0.0720 level or even $0.070 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 – $0.0865 and $0.0800.

Major Resistance Levels – $0.0950 and $0.0985.