Dogecoin stalls below $0.1120, but bulls hold positions near $0.1080
Dogecoin failed to hold above the $0.1120 level and started correcting its gains against the US dollar. However, #DOGE bulls remain active around the $0.1080 level, suggesting that a new upward move may occur.
Technical situation of DOGE
Currently, the DOGE price is holding above $0.1080 and the 100-hour simple moving average. On the hourly chart of the DOGE/USD pair, there was a break below the key bullish trend line with support at $0.1090, which signals caution. However, a further rise could occur if the price breaks the resistance levels at $0.1100 and $0.1120.
Current dogecoin price development
In recent days, dogecoin's price broke above the resistance zone at $0.1100. During a short-term rally, it even reached above $0.1110 before the market started correcting. DOGE fell from its high of $0.1111 to lower levels, similar to bitcoin and ethereum.
During this decline, the DOGE price broke several important levels, including $0.1100 and $0.1095. Additionally, there was a break below the 23.6% Fibonacci retracement level, which corresponds to the upward movement from the $0.1037 low to the $0.1111 high. A significant break also occurred below the bullish trend line with support at $0.1090.
Bulls still holding positions
Despite the decline, bulls remained active near the $0.1075 level, defending the 50% Fibonacci retracement level. Currently, dogecoin's price is trading above $0.1080 and the 100-hour simple moving average. The nearest resistance is around the $0.1095 level, with the next key resistance at $0.1120. If the price breaks this level, it could move towards $0.1150, with the next significant target for the bulls being $0.1200.
Source: DOGEUSD on TradingView.com
Possible risk of further decline
If the DOGE price fails to rise above the $0.1095 level, it could trigger another drop. The nearest support is at $0.1080, followed by the $0.1065 level. The key support is at $0.1050, and if the price breaks below this level, it could drop further to $0.1000 or even $0.0950.
Technical indicators
Hourly MACD – The MACD for DOGE/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for DOGE/USD is now below 50, indicating weakening bullish momentum.
Key support levels – $0.1065 and $0.1050.
Key resistance levels – $0.1095 and $0.1120.
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