Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Dogecoin declined over 8% and traded below $0.080 against the US Dollar. DOGE tested the $0.070 zone and remains at a risk of more losses.
- DOGE gained pace and traded below the $0.080 support against the US dollar.
- The price is trading well below the $0.080 zone and the 100 simple moving average (4-hours).
- There is a crucial bearish trend line forming with resistance near $0.080 on the 4-hours chart of the DOGE/USD pair (data source from Kraken).
- The pair could correct higher, but upsides might be limited above the $0.080 resistance.
Dogecoin Price Nosedives
After struggling to clear the $0.0925 zone, dogecoin price started a steady decline. DOGE declined below the $0.085 and $0.084 support levels to enter a bearish zone.
In the past few sessions, there was a strong decline in DOGE, similar to bitcoin and ethereum. The price declined over 8% and there was a strong move below the $0.080 support. The price even traded close to the $0.070 level. A low is formed near $0.0703 and the price is now correcting losses.
On the upside, the price is facing resistance near the $0.0765 level. It is near the 50% Fib retracement level of the recent decline from the $0.0831 swing high to $0.0703 low.
The first major resistance is near the $0.0780 level. It is near the 61.8% Fib retracement level of the recent decline from the $0.0831 swing high to $0.0703 low. There is also a crucial bearish trend line forming with resistance near $0.080 on the 4-hours chart of the DOGE/USD pair.
Source: DOGEUSD on TradingView.com
A clear move above the $0.080 resistance might send the price towards the $0.085 resistance. Any more gains might send the price towards the $0.092 level. A clear move above the $0.0920 resistance could open the gates for an increase towards the $0.100 level.
More Losses in DOGE?
If DOGE price fails to gain pace above the $0.078 level, it could continue to move down. An initial support on the downside is near the $0.072 level.
The next major support is near the $0.070 level. If there is a downside break below the $0.070 support, the price could decline further. In the stated case, the price might decline towards the $0.0665 level.
Technical Indicators
4-Hours MACD – The MACD for DOGE/USD is now losing momentum in the bearish zone.
4-Hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 30 level.
Major Support Levels – $0.072, $0.070 and $0.0665.
Major Resistance Levels – $0.0765, $0.078 and $0.080.
