Dogecoin (DOGE) Slow Bleed Continues, Key $0.10 Support Comes Into Focus

Dogecoin started a fresh decline below the $0.1080 zone against the US Dollar. DOGE is now consolidating losses and might face hurdles near $0.1065 and $0.1075.

The price even dipped toward the $0.1020 level. A low was formed near $0.1025, and the price is now showing bearish signs well below the 23.6% Fib retracement level of the downward move from the $0.1127 swing high to the $0.1025 low.

Dogecoin price is now trading below the $0.1065 level and the 100-hourly simple moving average. If there is a recovery wave, immediate resistance on the upside is near the $0.1065 level. There is also a bearish trend line forming with resistance at $0.1075 on the hourly chart of the DOGE/USD pair. It is close to the 50% Fib retracement level of the downward move from the $0.1127 swing high to the $0.1025 low.

The first major resistance for the bulls could be near the $0.110 level. The next major resistance is near the $0.110 level. A close above the $0.110 resistance might send the price toward the $0.1120 resistance. Any more gains might send the price toward the $0.1190 level. The next major stop for the bulls might be $0.120.

If DOGE’s price fails to climb above the $0.1075 level, it could continue to move down. Initial support on the downside is near the $0.1020 level. The next major support is near the $0.10 level.

The main support sits at $0.0965. If there is a downside break below the $0.0965 support, the price could decline further. In the stated case, the price might slide toward the $0.0920 level or even $0.090 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 – $0.1020 and $0.1000.

Major Resistance Levels – $0.1065 and $0.1075.