Dogecoin was able to react to the US Dollar’s downside by overcoming the $0.1120 resistance. DOGE must remain above the $0.080 support in order to initiate a new increase.
- DOGE began a new decline from the $0.1120 resistance to the US dollar.
- The price is trading below $0.0950 and the 100 simple moving Average (4-hours).
- A break below a key bullish line was observed with support near $0.102 in the 4-hours chart for the DOGE/USD pair. Data source: Kraken
- To start a new increase, the pair must remain above $0.0800.
Dogecoin Price Takes a Hit
Dogecoin has seen a significant decline in the last few days from the $0.1120 resistance level. DOGE was quick to react to the decline below $0.1050 and $0.1000 support levels.
The decline saw a break below the key bullish trendline with support at $0.102 on the 4-hours chart for the DOGE/USD pair. Even lower than the 50% Fib level of the upward movement from $0.0713 swing lows to $0.1117 highs, the pair fell.
The price is currently trading below $0.0950 and the 100 simple movement average (4-hours). It also shows some bearish signs, similar to bitcoin or ethereum.
The upside is that the price is now facing resistance at the $0.0915 level. The $0.1000 and 100 simple moving average levels are the first major resistances. Any further gains above $0.1000 could lead to a substantial increase towards $0.1080.
Source: DOGEUSD on TradingView.com
The $0.1120 resistance seems to be the main obstacle. Clear movement above $0.1120 resistance could lead to a rally towards $0.120.
Do you see more losses in DOGE
If the DOGE price does not rise above $0.0915, it may continue to fall. Support for the downside is at the $0.0865 mark.
Near the $0.080 mark is the next support. It is at the 76.4% Fib level of the upward swing from $0.0713 swing high to $0.1117 low. The price may fall further if it breaks below the $0.0800 support. The price could fall towards $0.0720 in the above scenario.
4-Hours MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone.
4-Hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now in the oversold zone.
Major Support Levels – $0.0865, $0.0800 and $0.0720.
Major Resistance Levels – $0.0915, $0.1000 and $0.1120.