Dogecoin has continued its downward spiral and dipped below $0.1120 against the US Dollar. However, the cryptocurrency seems to have found stability above $0.100 and is attempting a rebound.
The journey began with DOGE’s price experiencing another steep decline, falling below the $0.1150 and $0.1120 marks. The current trading rate is below both the $0.1120 level and the 100-hourly simple moving average, indicating a bearish trend. A significant bearish trend line is also forming, presenting resistance at $0.1175 on the hourly chart for the DOGE/USD pair.
Dogecoin has failed to break through the $0.1320 resistance zone, which set off its downward trajectory. After hitting a high at that level, DOGE followed in the footsteps of Bitcoin and Ethereum, moving below $0.1200 and subsequently $0.1150. It even slipped further, breaching the $0.1120 support and forming a low at $0.1025. At present, the price is consolidating its losses with a minor uptick above the $0.1060 level.
Dogecoin is now trading beneath the $0.1150 mark and the 100-hourly simple moving average. The immediate resistance on the upside is near the $0.1095 level, which aligns with the 23.6% Fib retracement level of the downtrend from the $0.1320 high to the $0.1025 low. The subsequent resistance point is at $0.1120, and successfully closing above this level could propel the price toward the $0.1175 resistance. Notably, the bearish trend line also heightens resistance at $0.1175, aligning closely with the 50% Fib retracement of the same downward trajectory. Any further gains could see the price approaching the $0.1200 level, with the bulls potentially eyeing $0.1320.
However, Dogecoin could face more losses if it fails to climb above the $0.1095 level. The initial support on the downside lies near $0.1060, with the subsequent significant support around $0.1050. The main support level is situated at $0.100. If the price breaches this crucial support, it could tumble further, possibly descending towards the $0.0950 or even the $0.0880 mark in the short term.
Technical indicators currently depict a bearish momentum, with the Hourly MACD losing momentum in the bearish zone and the Hourly RSI skirting below the 50 level. Major support levels to watch include $0.1060 and $0.1000, while the resistance levels are at $0.1095 and $0.1120.