Dogecoin (DOGE) Breaks Key Support, But Bulls Aren't Backing Down

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Dogecoin failed to surpass $0.1120 and corrected gains against the US Dollar. DOGE bulls are active near $0.1080 and might push it higher again.

• DOGE price is eyeing an upside break above $0.1120.
• The price is trading above the $0.1080 level and the 100-hourly simple moving average.
• There was a break below a key bullish trend line with support at $0.1090 on the hourly chart of the DOGE/USD pair (data source from Kraken).
• The price could start another increase if it clears the $0.1100 and $0.1120 resistance levels.

Dogecoin Price Eyes Upside Break

Dogecoin price extended its increase above the $0.1100 resistance zone. It even spiked above $0.1110 before the bears appeared. DOGE started a downside correction from the $0.1111 high like Bitcoin and Ethereum.

There was a move below the $0.1100 and $0.1095 levels. The price dipped below the 23.6% Fib retracement level of the upward move from the $0.1037 swing low to the $0.1111 high. Besides, there was a break below a key bullish trend line with support at $0.1090 on the hourly chart of the DOGE/USD pair.

However, the bulls were active near $0.1075. They protected the 50% Fib retracement level of the upward move from the $0.1037 swing low to the $0.1111 high. Dogecoin price is now trading above the $0.1080 level and the 100-hourly simple moving average.

Source: DOGEUSD on TradingView.comImmediate resistance on the upside is near the $0.1095 level. The next major resistance is near the $0.1120 level. A close above the $0.1120 resistance might send the price toward the $0.1132 resistance. Any more gains might send the price toward the $0.1150 level. The next major stop for the bulls might be $0.1200.

More Losses In DOGE?

If DOGE’s price fails to climb above the $0.1095 level, it could start another decline. Initial support on the downside is near the $0.1080 level. The next major support is near the $0.1065 level.

The main support sits at $0.1050. If there is a downside break below the $0.1050 support, the price could decline further. In the stated case, the price might decline toward the $0.1000 level or even $0.0950 in the near term.

Technical Indicators

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

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

Major Support Levels – $0.1065 and $0.1050.

Major Resistance Levels – $0.1095 and $0.1120.