Dogecoin (DOGE) Pulls Back — Bulls Protect Essential Support Area

Dogecoin has experienced a correction in its price, trading lower than $0.1010 against the US Dollar. Currently, DOGE is holding strong around the $0.0980 support level and may potentially move higher.

Key Takeaways

Dogecoin is currently in a downward correction, trading under $0.1020.
It is maintaining support above $0.0980 and the 100-hourly simple moving average.
A bullish trend line is forming with support at $0.0968 in the DOGE/USD hourly chart.
If DOGE stays stable above $0.0950, it may aim for a price increase.

Dogecoin (DOGE) Pulls Back

Dogecoin's Price Adjustment

Dogecoin's recent downward correction began when it struggled to remain above the $0.1025 threshold, mirroring the movements seen in Bitcoin and Ethereum. The price fell below both the $0.1020 and $0.1010 levels. This decline also dipped under the 50% Fibonacci retracement level derived from its last ascent from a low of $0.0944 to a peak of $0.1044. Despite dropping below the $0.10 mark, bulls quickly stepped in. Currently, the price is establishing a base above $0.0980, laying the groundwork for its next movement.

Additionally, there is a bullish trend line taking shape, showing support at $0.0968 on the DOGE/USD hourly chart. Dogecoin is trading above the $0.10 mark and remains above the 100-hourly simple moving average. The immediate resistance to watch for is around the $0.1015 level.

Dogecoin Price
Source: DOGE/USD on TradingView.com

For bulls, the first substantial resistance could be close to the $0.1040 mark, with the next potential resistance around $0.1080. Closing above this level may propel the price toward $0.1120. Continued gains could push it up further to $0.1150, with a notable target being $0.120.

Is DOGE Facing Further Declines?

If DOGE fails to rise above the $0.1015 level, we may see further declines in its price. The initial support on the downside is at the $0.0980 level, while the next significant support lies near $0.09680, which is also the 76.4% Fibonacci retracement level of the earlier move from the $0.0944 low to the $0.1044 high. The primary support is set at $0.0950; if the price breaks below this, it could drop further, possibly reaching down to the $0.0880 level.

Technical Indicators

Hourly MACD: The MACD indicator for DOGE/USD is currently losing momentum within the bearish zone.
Hourly RSI (Relative Strength Index): The RSI is now positioned above the 50 mark.
Major Support Levels: $0.0980 and $0.0968.
Major Resistance Levels: $0.1015 and $0.1040.