Dogecoin Price (DOGE) Slips Alongside Bitcoin and Ethereum: Market Analysis

Dogecoin started a major decline below the $0.1150 zone against the US Dollar. DOGE is now trading below $0.100 and showing many bearish signs.

• DOGE price is down over 15% from well above the $0.1200 pivot zone.
• The price is trading below the $0.100 level and the 100-hourly simple moving average.
• There is a key bearish trend line forming with resistance at $0.1000 on the hourly chart of the DOGE/USD pair (data source from Kraken).
• The price could continue to move down unless it reclaims the $0.100 resistance zone.

Dogecoin Price Drops Over 15%

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.

More Downsides In DOGE?

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.

Technical Indicators

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

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

Major Support Levels – $0.0880 and $0.0780.

Major Resistance Levels – $0.0950 and $0.1000.