Dogecoin fell sharply from $0.160 resistance to the US Dollar. DOGE might see an increase again if it remains above the $0.090 support area.
- DOGE reached $0.160 and began a new decline against the US dollars.
- It is trading at $0.0700 and above the simple moving average of 100 days.
- A break was seen below a major rising channel, support being near $0.1180 in the daily chart for the DOGE/USD currency pair (data source Kraken).
- To avoid further losses, the pair should remain above $0.090.
Dogecoin Gains
Dogecoin experienced a bullish surge above $0.070 resistance in the last few days. DOGE rose significantly over the $0.100 resistance zone, surpassing bitcoin and even ethereum.
Bulls managed to push the price higher than the $0.12 resistance level. Finally, the price jumped above the $0.15 mark. It reached $0.1609, and then began a downward correction. The price moved clearly below the $0.142 support level and $0.135 resistance levels.
The 50% Fib level for the upward movement from $0.0551 swing low to $0.1609 peak was below which the Doge price fell. A break was also seen below the key rising channel, with support at $0.1180 in the daily chart for the DOGE/USD pair.
It is currently testing $0.0955 as a support area. The price is close to the 61.8% Fib level of the upward movement from $0.0551 swing lows to $0.1609 highs.
Source: DOGEUSD from TradingView.com
A downside breakout below the $0.0955 resistance could cause the price to fall further. Main support can be found near $0.0900 or $0.0895. A move to the $0.0550 area could be possible with any additional losses.
Do you see a fresh increase in DOGE
The chances of an additional increase are high if the DOGE price stays above the $0.0955 resistance. The $0.1150 mark is the initial resistance.
It is located near $0.1200, the initial major resistance. Bulls could see further gains beyond the $0.1200 level encouraging them to test the crucial $0.135 mark.
Technical indicators
4-Hours MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone.
4-Hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now near the 50 level.
Major Support Levels – $0.0955, $0.0900 and $0.0550.
Major Resistance Levels – $0.1150, $0.1200 and $0.1350.
