$DOGE Price Slips Alongside Bitcoin and Ethereum: Market Analysis - NewsBTC Analytics

In the past few sessions, Dogecoin price saw a major decline like Bitcoin and Ethereum. The bears took control and pushed the price below the $0.1120 and $0.1050 support levels.

The price even declined below the $0.1000 support. A low was formed at $0.0881 and DOGE price is now consolidating losses. The price is showing many bearish signs below the 23.6% Fib retracement level of the downward move from the $0.1194 swing high to the $0.0881 low.

Dogecoin is now trading below the $0.100 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.0950 level. The next major resistance is near the $0.1000 level. There is also a key bearish trend line forming with resistance at $0.1000 on the hourly chart of the DOGE/USD pair.

A close above the $0.100 resistance might send the price toward the $0.1040 resistance or the 50% Fib retracement level of the downward move from the $0.1194 swing high to the $0.0881 low. Any more gains might send the price toward the $0.1080 level. The next major stop for the bulls might be $0.1120.

If DOGE’s price fails to recover above the $0.1000 level, it could start another decline. Initial support on the downside is near the $0.0880 level. The next major support is near the $0.0850 level.

The main support sits at $0.0780. If there is a downside break below the $0.0780 support, the price could decline further. In the stated case, the price might decline toward the $0.0720 level.