Dogecoin started a fresh decline below the $0.1250 zone against the US Dollar. DOGE is now consolidating losses and might face hurdles near $0.1235.
- DOGE price started a fresh decline below the $0.1250 level.
- The price is trading below the $0.1220 level and the 100-hourly simple moving average.
- There is a key bearish trend line forming with resistance at $0.1300 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could extend losses if it stays below $0.1280 and $0.1300.
Dogecoin Price Dips Further
Dogecoin price started a fresh decline after it closed below $0.1300, like Bitcoin and Ethereum. DOGE declined below the $0.1280 and $0.1250 support levels.
The price even traded below $0.1220. A low was formed near $0.1198, and the price is now showing bearish signs. It is consolidating below the 23.6% Fib retracement level of the downward move from the $0.1305 swing high to the $0.1198 low.
Dogecoin price is now trading below the $0.1280 level and the 100-hourly simple moving average. If there is a recovery wave, immediate resistance on the upside is near the $0.1235 level. The first major resistance for the bulls could be near the $0.1280 level or the 76.4% Fib retracement level of the downward move from the $0.1305 swing high to the $0.1198 low.
The next major resistance is near the $0.1300 level. There is also a key bearish trend line forming with resistance at $0.1300 on the hourly chart of the DOGE/USD pair. A close above the $0.1300 resistance might send the price toward the $0.1350 resistance. Any more gains might send the price toward the $0.1372 level. The next major stop for the bulls might be $0.1400.
More Losses In DOGE?
If DOGE’s price fails to climb above the $0.1300 level, it could continue to move down. Initial support on the downside is near the $0.1200 level. The next major support is near the $0.1195 level.
The main support sits at $0.1150. If there is a downside break below the $0.1150 support, the price could decline further. In the stated case, the price might slide toward the $0.1050 level or even $0.10 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 above the 50 level.
Major Support Levels – $0.1280 and $0.1250.
Major Resistance Levels – $0.1340 and $0.1350.
Source: https://www.newsbtc.com/analysis/doge/dogecoin-doge-sinks-further-0-120/
