Dogecoin Price (DOGE) Slips Into the Red: Key Hurdles to Watch

NewsBTC · 2024-08-27T22:08:38+00:00

Dogecoin struggles to recover as it faces resistance at $0.1025 and trades below the 100-hourly moving average. If it fails to clear the $0.1025 and $0.100 levels, the price may decline further towards $0.0920 and even $0.0850.

NewsBTC

2024-08-27 22:08:38

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Dogecoin started a fresh decline from well above $0.1100 against the US Dollar. DOGE is down over 10% and struggling to start a recovery wave.

DOGE price started a fresh decline and traded below $0.100.
The price is trading 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 the DOGE/USD pair (data source from Kraken).
The price could start a recovery wave if it clears the $0.100 and $0.1025 levels.

Dogecoin Price Faces Hurdles

In the past few sessions, Dogecoin price saw a fresh decline below the $0.1050 level like Bitcoin and Ethereum. The price traded below the $0.100 level to enter a short-term bearish zone.

There was a spike below the $0.0980 level. A low was formed at $0.0962 and the price is now attempting a recovery wave. There was a minor increase above the $0.0988 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.1064 swing high to the $0.0962 low.

Dogecoin price is now trading below the $0.1050 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.1012 level. The next major resistance is near the $0.1025 level.

There is also a key bearish trend line forming with resistance at $0.1025 on the hourly chart of the DOGE/USD pair. The trend line is close to the 50% Fib retracement level of the downward move from the $0.1064 swing high to the $0.0962 low.

Source: DOGEUSD on TradingView.comA close above the $0.1025 resistance might send the price toward the $0.1088 resistance. Any more gains might send the price toward the $0.1120 level. The next major stop for the bulls might be $0.1250.

More Downsides In DOGE?

If DOGE’s price fails to climb above the $0.1025 level, it could start another decline. Initial support on the downside is near the $0.0962 level. The next major support is near the $0.095 level.

The main support sits at $0.0920. If there is a downside break below the $0.0920 support, the price could decline further. In the stated case, the price might decline toward the $0.0880 level or even $0.0850 in the near term.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.

Major Support Levels – $0.0962 and $0.0920.

Major Resistance Levels – $0.1025 and $0.1088.

DOGE1,18%

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