Dogecoin (DOGE) Stalls in Range, Bulls Fail to Seize Momentum

Dogecoin corrected some gains from the $0.0980 zone against the US Dollar. DOGE is now holding the $0.0940 support and might aim for a fresh increase.

There was a move below the 38.2% Fib retracement level of the upward move from the $0.0897 swing low to the $0.0978 high. Besides, there was a break below a bullish trend line with support at $0.0952 on the hourly chart of the DOGE/USD pair.

The price even spiked below $0.0950 before the bulls appeared. Dogecoin price is now trading above the $0.0940 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.0955 level.

The first major resistance for the bulls could be near the $0.0980 level. The next major resistance is near the $0.10 level. A close above the $0.10 resistance might send the price toward $0.1080. Any more gains might send the price toward $0.1120. The next major stop for the bulls might be $0.120.

If DOGE’s price fails to climb above the $0.0980 level, it could continue to move down. Initial support on the downside is near the $0.0940 level or the 50% Fib retracement level of the upward move from the $0.0897 swing low to the $0.0978 high.

The next major support is near the $0.09280 level. The main support sits at $0.0880. If there is a downside break below the $0.0880 support, the price could decline further. In the stated case, the price might slide toward the $0.0840 level. Any more losses might call for a test of $0.080.

Technical Indicators

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

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

Major Support Levels – $0.0940 and $0.0928.

Major Resistance Levels – $0.0955 and $0.0980.