Dogecoin (DOGE) Declines: Can the Bulls Prevent Further Losses?

Dogecoin has started a new decline, falling below the $0.0980 mark against the US Dollar. Currently, DOGE is consolidating its losses and might encounter challenges near the $0.0950 and $0.0980 levels.

Key Takeaways

Dogecoin's price has declined below the critical level of $0.0965.
Currently, DOGE is trading under $0.0965 and its 100-hourly simple moving average.
A bearish trend line is forming, with resistance at $0.0950 on DOGE/USD's hourly chart.
If Dogecoin remains below the $0.0950 and $0.0980 levels, further losses are likely.

Dogecoin (DOGE) Declines

Dogecoin Price Faces Continued Downward Pressure

Dogecoin’s price has begun a fresh decline after closing below $0.0980, following similar trends seen in Bitcoin and Ethereum. DOGE has dropped below the support levels of $0.0965 and $0.0950 and has even dipped below $0.0925, hitting a low near $0.0917. Although there was a slight recovery above $0.0940, it failed to break above the 23.6% Fibonacci retracement level from the recent swing high of $0.1044 to the low of $0.0917.

Currently, Dogecoin is trading beneath the $0.0950 level as well as the 100-hourly simple moving average. If the price experiences an upswing, immediate resistance can be found near the $0.0950 level. Additionally, a bearish trend line is forming, also indicating resistance at $0.0950 on the DOGE/USD hourly chart.

The initial significant resistance level for bullish traders lies around the $0.0980 mark, aligning with the 50% Fibonacci retracement level of the drop from the $0.1044 high to the $0.0917 low. The following major resistance could occur near the $0.10 level.

Dogecoin Price
Source: DOGEUSD on TradingView.com

If the price manages to close above the $0.10 resistance, it could potentially rise toward the $0.1050 resistance level. Further gains may propel the price to approximately $0.1080, with a possible major target for bullish traders set at $0.1120.

Is More Decline Ahead for DOGE?

Should DOGE’s price fail to exceed the $0.0950 level, it may continue to decline. The initial support on this downward trajectory is located near the $0.0920 mark, followed by the next major support around $0.0880.

The critical support level stands at $0.0850. If the price drops below this support, it may lead to further declines, potentially lowering the price toward the $0.0800 level or even down to $0.0750 in the short term.

Technical Indicators

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

By keeping an eye on these levels and indicators, traders can better navigate the current conditions in the Dogecoin market.