Dogecoin started a fresh decline from the $0.0950 resistance against the US Dollar. DOGE could extend its decline unless there is a close above $0.090.
- DOGE struggled near $0.0950 and started a fresh decline against the US dollar.
- The price is trading below the $0.090 level and the 100 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance near $0.0920 on the 4-hour chart of the DOGE/USD pair (data source from Kraken).
- The price could start a recovery wave if it clears $0.090 and $0.0950.
Dogecoin Price Faces Key Hurdles
In the past few sessions, Dogecoin price struggled to gain pace above $0.0920. DOGE remained below the $0.095 resistance zone and started a fresh decline, like Bitcoin and Ethereum.
There was a sharp drop below the $0.0900 and $0.0865 support levels. It even tested the $0.0760 zone. A low was formed near $0.0760, and the price is now attempting a recovery wave. There was a move above the $0.080 resistance zone.
It cleared the 23.6% Fib retracement level of the downward move from the $0.0943 swing high to the $0.0760 low. DOGE is now trading below the $0.090 level and the 100 simple moving average (4 hours). There is also a key bearish trend line forming with resistance near $0.0920 on the 4-hour chart of the DOGE/USD pair.
On the upside, the price is facing resistance near the $0.0875 level. It is close to the 61.8% Fib retracement level of the downward move from the $0.0943 swing high to the $0.0760 low. The next major resistance is near the $0.090 level.
Source: DOGEUSD on TradingView.com
A close above the $0.090 resistance might send the price toward the $0.092 resistance. The next major resistance is near $0.095. Any more gains might send the price toward the $0.105 level.
More Downsides in DOGE?
If DOGE’s price fails to gain pace above the $0.0875 level, it could start a fresh decline. Initial support on the downside is near the $0.080 level.
The next major support is near the $0.0760 level. If there is a downside break below the $0.0760 support, the price could decline further. In the stated case, the price might decline toward the $0.0710 level.
Technical Indicators
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 below the 50 level.
Major Support Levels – $0.080, $0.0760, and $0.0710.
Major Resistance Levels – $0.0875, $0.0920, and $0.0950.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Source
