Dogecoin has corrected its rise from the $0.0980 zone against the US dollar. DOGE currently holds support at $0.0940 and could aim for another rally.
DOGE price has started a new downward correction below $0.0955. The price is trading above the $0.0940 level and the 100 hourly simple moving average. On the hourly chart of the DOGE/USD pair, the pair broke below the bullish trend line with support at $0.0952 (data source: Kraken). If the price remains stable above $0.0928, the price could aim for a new upward move.
Dogecoin price cuts profits
Dogecoin price started a downward correction after failing to break above $0.0980, similar to Bitcoin and Ethereum. DOGE fell below the $0.0960 and $0.0955 levels.
There was a move below the 38.2% Fib retracement level of the upward movement from the swing low of $0.0897 to the high of $0.0978. Furthermore, the DOGE/USD pair broke below the bullish trend line with support at $0.0952 on the hourly chart.
The price surged below $0.0950 before the bulls emerged. Dogecoin price is currently trading above the $0.0940 level and the 100-hour simple moving average. For now, the upside resistance is near $0.0955.
The first major resistance for the bulls could be around $0.0980. The next major resistance level is near the $0.10 level. If the price closes above the $0.10 resistance, the price could head towards $0.1080. Further upside could send the price towards $0.1120. The next major stop for the bulls could be at $0.120.
Will DOGE cause more losses?
If DOGE price fails to break above the $0.0980 level, the decline may continue. Initial support on the downside is near the $0.0940 level, or the 50% Fib retracement level of the swing low of $0.0897 to the high of $0.0978.
The next major support is near the $0.09280 level. The main support lies at $0.0880. A downside break below the support at $0.0880 could cause the price to fall further. In the above case, the price could slide towards the $0.0840 level. Any further losses may require a test of $0.080.
technical indicators
Hourly MACD – The MACD for DOGE/USD is currently losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is currently below the 50 level.
Major support levels – $0.0940 and $0.0928.
Key resistance levels – $0.0955 and $0.0980.
