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Dogecoin (DOGE) Breaks Key Support, But Bulls Aren’t Backing Down

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Dogecoin failed to surpass $0.1120 and corrected gains against the US Dollar. DOGE bulls are active near $0.1080 and may push it higher again.

  • DOGE price is looking for an upside break above $0.1120.
  • The price is trading above the 0.1080 level and the 100-hour simple moving average.
  • There was a break below the major bullish trend line with support at $0.1090 on the hourly chart of the DOGE/USD pair (data source from Kraken).
  • The price may start rising again if it breaks the resistance levels of 0.1100 and 0.1120.

Dogecoin price looks to rise

Dogecoin price extended above the $0.1100 resistance area. It even rose above $0.1110 before the bears appeared. Dogecoin started a downside correction from the $0.1111 high like Bitcoin and Ethereum.

There was a move below the $0.1100 and $0.1095 levels. The price declined below the 23.6% Fib retracement level of the upward move from the $0.1037 swing low to $0.1111 high. Moreover, there was a break below a major bullish trend line with support at $0.1090 on the hourly chart of the DOGE/USD pair.

However, bulls were active near $0.1075. They protected the 50% Fib retracement level of the upward move from the $0.1037 swing low to $0.1111 high. Dogecoin price is now trading above the $0.1080 level and the 100-hour simple moving average.

An immediate resistance on the upside is near the $0.1095 level. The next major resistance is near the $0.1120 level. A close above the $0.1120 resistance could take the price towards the $0.1132 resistance level. Any further gains could take the price towards the $0.1150 level. The next major stop for the bulls could be $0.1200.

More losses in DOGE?

If DOGE price fails to rise above the $0.1095 level, it could start declining again. The initial support on the downside is near the $0.1080 level. The next major support is near the $0.1065 level.

The main support is located at $0.1050. If there is a break below the $0.1050 support level, the price could decline further. In the mentioned case, the price could decline towards the $0.1000 level or even $0.0950 in the near term.

Technical indicators

Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bullish zone.

Hourly Relative Strength Index (RSI) – The RSI for DOGE/USD is now below the 50 level.

Key support levels – $0.1065 and $0.1050.

Key resistance levels – $0.1095 and $0.1120.

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