Dogecoin (DOGE) Stuck Under $0.10, Bulls Can’t Force Break Higher

Dogecoin corrected some gains from the $0.0980 zone against the US Dollar. DOGE is now holding the $0.0920 support and remains at risk of more losses.

• DOGE price started a fresh downside correction below $0.0950.
• The price is trading above the $0.0920 level and the 100-hourly simple moving average.
• There is a bullish trend line forming with support at $0.0932 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 $0.0920.

Dogecoin price started a downside correction after it failed to surpass $0.0980, like Bitcoin and Ethereum. DOGE declined below the $0.0960 and $0.0950 levels.

There was a move below the 50% Fib retracement level of the upward move from the $0.0903 swing low to the $0.0980 high. The price even spiked below $0.0930 before the bulls appeared. Dogecoin price is now trading above the $0.0920 level and the 100-hourly simple moving average. Besides, there is a bullish trend line forming with support at $0.0932 on the hourly chart of the DOGE/USD pair.

Immediate resistance on the upside is near the $0.09430 level. The first major resistance for the bulls could be near the $0.0952 level. The next major resistance is near the $0.0965 level.

A close above the $0.0965 resistance might send the price toward $0.0980. Any more gains might send the price toward $0.0988. The next major stop for the bulls might be $0.10.

If DOGE’s price fails to climb above the $0.0952 level, it could continue to move down. Initial support on the downside is near the $0.0932 level and the trend line.

The next major support is near the $0.09220 level or the 76.4% Fib retracement level of the upward move from the $0.0903 swing low to the $0.0980 high. The main support sits at $0.090. If there is a downside break below the $0.090 support, the price could decline further. In the stated case, the price might slide toward the $0.0880 level. Any more losses might call for a test of $0.0850.

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 – $0.0920 and $0.0900.

Major Resistance Levels – $0.0952 and $0.0965.