Dogecoin extended losses and traded below $0.100 against the US dollar. DOGE is struggling and could face challenges around $0.100 and $0.1050.
- DOGE price started a new decline and traded below $0.0980.
- The price is trading below the USD 0.0980 level and the 100-hour simple moving average.
- There was a break below a connecting bullish trendline with support at $0.0975 on the hourly chart of the DOGE/USD pair (Kraken data source).
- The price could trigger a recovery wave if it breaches the USD 0.100 and USD 0.1050 levels.
Dogecoin price faces challenges
Over the past few sessions, Dogecoin price saw another decline below the $0.100 level, just like Bitcoin and Ethereum. The price traded below the USD 0.0980 level and moved further into a bearish zone.
There was a spike below the USD 0.0920 level. A low was formed at $0.0917 and the price is now trying to make a recovery wave. There was a small increase above the USD 0.0950 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.1005 swing high to the $0.0917 low.
The Dogecoin price is now trading below the $0.100 level and the 100-hourly moving average. The immediate resistance on the upside is near the $0.0962 level or the 50% Fib retracement level of the downward move from the $0.1005 swing high to the $0.0917 low.
The next major resistance is near the $0.0985 level. A close above the USD 0.0985 resistance could send the price towards the USD 0.100 resistance. Any further gains could send the price towards the USD 0.1050 level. The next big stop for the bulls could be $0.1120.
Another drop in DOGE?
If DOGE price fails to rise above the USD 0.0985 level, it could trigger another decline. The initial downside support is near the $0.0940 level. The next major support is near the $0.0920 level.
The main support is at $0.090. If there is a downside break below the USD 0.0900 support, the price could fall further. In the mentioned case, the price could drop to the $0.0862 level or even $0.0850 in the short term.
Technical indicators
Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.
Major support levels – $0.0940 and $0.0920.
Major resistance levels – $0.0985 and $0.1000.
