Dogecoin (DOGE) Retraces Gains — Bulls Guard Key Support Zone

Dogecoin corrected some gains and traded below $0.1010 against the US Dollar. DOGE is now holding the $0.0980 support and might aim for a fresh increase.

There was a move below the 50% Fib retracement level of the upward move from the $0.0944 swing low to the $0.1044 high. The price even spiked below $0.10 before the bulls appeared. The price is now forming a base above $0.0980 and preparing for the next move.

There is a bullish trend line forming with support at $0.0968 on the hourly chart of the DOGE/USD pair. Dogecoin price is now trading above the $0.10 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.1015 level.

The first major resistance for the bulls could be near the $0.1040 level. The next major resistance is near the $0.1080 level. A close above the $0.1080 resistance might send the price toward $0.1120. Any more gains might send the price toward $0.1150. The next major stop for the bulls might be $0.120.

If DOGE’s price fails to climb above the $0.1015 level, it could continue to move down. Initial support on the downside is near the $0.0980 level.

The next major support is near the $0.09680 level or the 76.4% Fib retracement level of the upward move from the $0.0944 swing low to the $0.1044 high. The main support sits at $0.0950. If there is a downside break below the $0.0950 support, the price could decline further. In the stated case, the price might slide toward the $0.0880 level.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.

Major Support Levels – $0.0980 and $0.0968.

Major Resistance Levels – $0.1015 and $0.1040.