Recently, Dogecoin DOGE encountered significant resistance when trying to break through the key psychological price of $0.115, and its upward momentum seemed to have stagnated. After hitting a high of $0.1141, the cryptocurrency began to experience a correction along with mainstream digital currencies such as Bitcoin and Ethereum, showing a subtle change in market sentiment.

From a technical perspective, the current price of Dogecoin has fallen below several important support levels, including $0.108 and the 100-hour simple moving average SMA, which further exacerbated the bearish sentiment in the market. More importantly, the price even fell below the 50% Fibonacci retracement level of the upward trend from $0.09134 to $0.1141, showing the strengthening of short-selling power. Currently, the bulls are trying to gain a foothold near the $0.1 mark, but the outlook is not optimistic.

From the hourly DOGE/USD chart, we can clearly see that a short-term bearish trend line is forming, and its resistance level is just around $0.105. This means that if Dogecoin wants to regain its upward momentum, it must first overcome this important level. And $0.108 is another resistance point that cannot be ignored. Only by successfully standing on this position can it lay the foundation for further rises in the future.

The current situation of Dogecoin does not seem optimistic. If the above resistance level cannot be effectively broken, its price is likely to continue to fall. The first important support level below $0.1 is around $0.095, and if this support is also lost, it may slide further to a low of $0.085.

In terms of technical indicators, DOGE's MACD moving average is turning to the negative area, showing that short-term momentum is weakening. At the same time, the RSI relative strength index has also fallen below the 50 axis, indicating that the market is oversold, but the rebound momentum is still insufficient in the short term.

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