In recent trading sessions, Dogecoin (DOGE) experienced a decline below the $0.1050 level, mirroring the downward trends seen in Bitcoin and Ethereum. The price dropped below the $0.1000 mark, entering a short-term bearish phase.
Dogecoin saw a brief dip below $0.0980, forming a low at $0.0962. It has since started a modest recovery, moving above the $0.0988 level. The price has also climbed past the 23.6% Fibonacci retracement level of the recent downward move, which took DOGE from a high of $0.1064 to a low of $0.0962.
Despite this recovery, DOGE is still trading below the $0.1050 level and the 100-hourly simple moving average. Immediate resistance is present at the $0.1012 level, with more significant resistance near $0.1025. A key bearish trend line, with resistance at $0.1025, is also forming on the hourly chart of the DOGE/USD pair. This trend line coincides with the 50% Fibonacci retracement level of the downward move from the $0.1064 high to the $0.0962 low.
A close above the $0.1025 resistance level could potentially push DOGE toward the $0.1088 resistance. Further gains could drive the price to the $0.1120 level, with the next significant target for the bulls around $0.1250.
Potential Downside Risks
However, if Dogecoin fails to break above the $0.1025 resistance, another decline could be imminent. Initial support on the downside lies near the $0.0962 level, with a more critical support level at $0.0950.
The main support sits at $0.0920. A break below this level could lead to further declines, with DOGE possibly falling toward $0.0880 or even $0.0850 in the near term.
Technical Indicators
– Hourly MACD: The MACD for DOGE/USD is currently losing momentum in the bearish zone.
– Hourly RSI: The RSI for DOGE/USD is below the 50 level, indicating a potential continuation of bearish sentiment.
– Major Support Levels: $0.0962, $0.0920.
– Major Resistance Levels: $0.1025, $0.1088.
Dogecoin traders should monitor these key levels and technical indicators closely, as they will likely dictate the next direction of DOGE’s price movement.
