The Dogecoin/USD exchange rate has resumed its decline from well above $0.1100. The Dogecoin has fallen by more than 10% and is currently trying hard to set off a recovery wave.
DOGE price started a new decline and traded below the $0.100 mark.
The price slipped below the $0.1050 level and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance at $0.1025 on the hourly chart of DOGE/USD.
If the price can clear the $0.100 and $0.1025 levels, it may start a recovery wave.
Dogecoin price hits a roadblock
Over the past few trading sessions, Dogecoin price has once again fallen below $0.1050, just like Bitcoin and Ethereum. The price has moved into a short-term bearish zone after falling below the $0.100 level.
There was a clear peak below the $0.0980 level. The low was set at $0.0962 and the price is currently attempting a rebound. There was a slight up move above the $0.0988 level. The price climbed above the 23.6% Fibonacci retracement level of the down move from the $0.1064 swing high to $0.0962 low.
Dogecoin price is currently trading below the $0.1050 level and the 100 hourly simple moving average. An upward resistance is around $0.1012. The next major resistance is near $0.1025.
There is also a key bearish trend line forming with resistance at $0.1025 on the hourly chart of DOGE/USD. This trend line is close to the 50% Fibonacci retracement level of the downward move from the $0.1064 swing high to $0.0962 low.
A successful close above the $0.1025 resistance could push the price towards the $0.1088 resistance. A further move higher could push the price towards the $0.1120 level. For the bulls, the next major stop loss could be $0.1250.
Is there more downside risk for Dogecoin?
If the DOGE price fails to break above the $0.1025 level, it is likely to decline again. An initial support on the downside is near the $0.0962 level. The next major support is near the $0.095 level.
The main support is at $0.0920. If it falls below the $0.0920 support, the price is likely to decline further. In such a case, the price could drop to $0.0880 or even $0.0850 levels in the near term.
Coming to the technical indicators, hourly MACD – The MACD for DOGE/USD is currently losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.
The main supports are $0.0962 and $0.0920.
The main resistance levels are $0.1025 and $0.1088.
