Dogecoin (DOGE) Retreats, Can Bulls Reclaim Upside Momentum?

Dogecoin started a fresh decline below the $0.0930 zone against the US Dollar. DOGE is now consolidating losses and might face hurdles near $0.0925 and $0.0938.

There was a break below a bullish trend line with support at $0.0925 on the hourly chart of the DOGE/USD pair. The price even traded below $0.0905. A low was formed near $0.0903, and the price is now showing bearish signs. There was a recovery wave above $0.0910, but the price stayed below the 23.6% Fib retracement level of the downward move from the $0.0948 swing high to the $0.0903 low.

Dogecoin price is now trading below the $0.0920 level and the 100-hourly simple moving average. If there is a recovery wave, immediate resistance on the upside is near the $0.0920 level.

The first major resistance for the bulls could be near the $0.0925 level and the 50% Fib retracement level of the downward move from the $0.0948 swing high to the $0.0903 low. The next major resistance is near the $0.0930 level. A close above the $0.0930 resistance might send the price toward the $0.0938 resistance. Any more gains might send the price toward the $0.0950 level. The next major stop for the bulls might be $0.0980.

If DOGE’s price fails to climb above the $0.0925 level, it could continue to move down. Initial support on the downside is near the $0.0905 level. The next major support is near the $0.090 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 $0.0820 level or even $0.080 in the near term.

Technical Indicators

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

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

Major Support Levels – $0.0905 and $0.0900.

Major Resistance Levels – $0.0925 and $0.0938.