8 July 2024
Dogecoin struggled to recover above the $0.1150 resistance zone against the US Dollar. DOGE is consolidating and might extend losses below $0.100.
DOGE price is struggling to clear the $0.1150 resistance zone.
The price is trading below the $0.1080 level and the 100-hourly simple moving average.
There is a short-term bearish trend line forming with resistance at $0.1050 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price must settle above $0.1080 and $0.1150 to gain bullish momentum.
Dogecoin Price Takes Hit
After a decent recovery wave, Dogecoin price remained below the $0.1150 resistance zone. DOGE formed a high near $0.1141 and recently started a fresh decline like Bitcoin and Ethereum.
There was a move below the $0.1080 support level. The price dipped below the 50% Fib retracement level of the upward move from the $0.09134 swing low to the $0.1141 high. However, the bulls are now active near the $0.100 zone.
Dogecoin is now trading below the $0.1080 level and the 100-hourly simple moving average. It is also above the 61.8% Fib retracement level of the upward move from the $0.09134 swing low to the $0.1141 high.
If there is a fresh increase, the price might face resistance near the $0.1050 level. There is also a short-term bearish trend line forming with resistance at $0.1050 on the hourly chart of the DOGE/USD pair. The next major resistance is near the $0.1080 level.
A close above the $0.1080 resistance might send the price toward the $0.1150 resistance. Any more gains might send the price toward the $0.1250 level. The next major stop for the bulls might be $0.1320.
More Downsides In DOGE?
If DOGE’s price fails to gain pace above the $0.1150 level, it could continue to move down. Initial support on the downside is near the $0.100 level.
The next major support is near the $0.0950 level. If there is a downside break below the $0.0920 support, the price could decline further. In the stated case, the price might decline toward the $0.0850 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 – $0.100, $0.0950 and $0.0850.
Major Resistance Levels – $0.1050, $0.1080, and $0.1150.