Concerns Rise as Dogecoin (DOGE) Experiences Pullback — Will Support Level Hold?

Dogecoin has corrected its recent gains and is now trading below $0.0950 against the US Dollar. Currently, DOGE is finding support at $0.0915 and may aim for a potential increase.

Key Takeaways

Dogecoin price began a downward correction after failing to stay above the $0.0980 mark.
DOGE is currently stabilizing above the $0.0920 level and the 100-hourly simple moving average.
A declining channel is forming with support at $0.0912 on the hourly DOGE/USD chart.
If the price remains above $0.0910, it may target further increases.

Dogecoin (DOGE) Sinks Further Into Red

Dogecoin is undergoing a correction after struggling to maintain its value above $0.0980. The price has dropped below key levels and is now establishing support around $0.0920. Traders are monitoring critical price levels to determine if DOGE can rebound or if further declines are likely.

Dogecoin Price Trims Gains

Dogecoin price started experiencing a pullback after it could not hold above the $0.0980 threshold, mirroring similar trends in Bitcoin and Ethereum. The DOGE price moved below the $0.0965 and $0.0950 levels. This decline crossed below the 50% Fibonacci retracement level of the upward movement from $0.0859 to $0.1004, even dipping below $0.0950 before buyers stepped back in. Currently, the price is forming a solid base above $0.0920, preparing for its next potential move.

On the hourly DOGE/USD chart, there is a declining channel taking shape with support set at $0.0912. Presently, Dogecoin is trading above the $0.0920 level and the 100-hourly simple moving average. The first immediate resistance can be found around the $0.0940 mark.

Dogecoin Price Source: DOGEUSD on TradingView.com

For bulls, the initial major resistance lies near $0.0955, followed by another significant resistance at approximately $0.0980. If the price manages to close beyond the $0.0980 barrier, it could potentially surge toward the $0.10 mark. Continued momentum could push the price to $0.1050, with the next notable target for bullish traders being $0.1120.

Are More Losses Ahead for DOGE?

Should DOGE fail to rally above the $0.0950 level, a further decline seems possible. The initial support on the downside is close to the $0.0915 level. The next significant support zone is at the $0.090 level—this corresponds to the 76.4% Fibonacci retracement level from the previous upward movement. The primary support remains at $0.0860. If DOGE falls below this critical support, the price could decrease even further, potentially heading towards the $0.0825 mark.

Technical Indicators

Hourly MACD: The MACD for DOGE/USD is showing increasing momentum in the bearish zone.
Hourly RSI (Relative Strength Index): The RSI for DOGE/USD is currently below the 50 threshold.
Major Support Levels: $0.0920 and $0.0880.
Major Resistance Levels: $0.0950 and $0.0980.