Dogecoin (DOGE) Remains Range-Bound as Bulls Struggle for Momentum

Dogecoin has seen a correction in its value, pulling back from the $0.0980 mark against the US Dollar. Currently, DOGE is maintaining support at the $0.0940 level and may be positioned for a potential rebound.

Key Takeaways

DOGE has begun a downward correction after failing to break above $0.0980, similar to trends seen in Bitcoin and Ethereum.
The cryptocurrency is trading just above the critical $0.0940 support level and remains above the 100-hourly simple moving average.
After breaking below the bullish trend line at $0.0952, DOGE could see potential gains if it stays above $0.0928.

Dogecoin (DOGE) Remains Range-Bound

Current Trends in Dogecoin Price

The Dogecoin price has entered a correction phase after failing to exceed the $0.0980 mark, alongside broader market trends observed in major cryptocurrencies like Bitcoin and Ethereum. The price fell below $0.0960 and $0.0955, initially moving past the 38.2% Fibonacci retracement level from its recent upward swing between $0.0897 and $0.0978.

Moreover, the price dipped below the bullish trend line that provided support near $0.0952 on the DOGE/USD hourly chart. After hitting a low near $0.0950, buying pressure from bulls stepped in. Currently, Dogecoin is trading above the $0.0940 support level and the 100-hourly simple moving average. The immediate upside resistance sits near the $0.0955 mark.

Dogecoin Price Chart
Source: DOGEUSD on TradingView.com

For the bulls, the first significant resistance level waits at around $0.0980, while the next key resistance might be at $0.10. A successful close above the $0.10 level could propel the price towards $0.1080. If bullish momentum continues, the price might target $0.1120, with a possible final target of $0.120.

Is Dogecoin Facing More Losses?

Should the price of DOGE struggle to rise above the $0.0980 threshold, a further decline could occur. The initial downside support is positioned at the $0.0940 level, alongside the 50% Fibonacci retracement marking the upward move from $0.0897 to $0.0978.

The next major support level awaits at approximately $0.0928, with the primary support identified at $0.0880. Should the price drop below this significant support level, it is likely to decline further, possibly testing the $0.0840 mark. A continued bearish trend could lead DOGE down to $0.080.

Technical Indicators

Hourly MACD: The MACD for the DOGE/USD pair is currently losing momentum while remaining in the bullish zone.
Hourly RSI (Relative Strength Index): The RSI is now indicating bearish momentum, currently positioned below 50.
Major Support Levels: $0.0940 and $0.0928.
Major Resistance Levels: $0.0955 and $0.0980.