Dogecoin Price (DOGE) Slips Alongside Bitcoin and Ethereum: Market Analysis
Dogecoin started a major decline below the $0.1150 zone against the US Dollar. DOGE is now trading below $0.100 and showing many bearish signs.
- DOGE price is down over 15% from well above the $0.1200 pivot zone.
- The price is trading below the $0.100 level and the 100-hourly simple moving average.
- There is a key bearish trend line forming with resistance at $0.1000 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could continue to move down unless it reclaims the $0.100 resistance zone.
Dogecoin Price Drops Over 15%
In the past few sessions, Dogecoin price saw a major decline like Bitcoin and Ethereum. The bears took control and pushed the price below the $0.1120 and $0.1050 support levels.
The price even declined below the $0.1000 support. A low was formed at $0.0881 and DOGE price is now consolidating losses. The price is showing many bearish signs below the 23.6% Fib retracement level of the downward move from the $0.1194 swing high to the $0.0881 low.
Dogecoin is now trading below the $0.100 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.0950 level. The next major resistance is near the $0.1000 level. There is also a key bearish trend line forming with resistance at $0.1000 on the hourly chart of the DOGE/USD pair.
Source: DOGEUSD on TradingView.com
A close above the $0.100 resistance might send the price toward the $0.1040 resistance or the 50% Fib retracement level of the downward move from the $0.1194 swing high to the $0.0881 low. Any more gains might send the price toward the $0.1080 level. The next major stop for the bulls might be $0.1120.
More Downsides In DOGE?
If DOGE’s price fails to recover above the $0.1000 level, it could start another decline. Initial support on the downside is near the $0.0880 level. The next major support is near the $0.0850 level.
The main support sits at $0.0780. If there is a downside break below the $0.0780 support, the price could decline further. In the stated case, the price might decline toward the $0.0720 level.
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 – $0.0880 and $0.0780.
Major Resistance Levels – $0.0950 and $0.1000.
Aayush Jindal
Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.
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