Dogecoin (DOGE) Back Under Pressure, Rebound Chances Face Big Test

TL;DR

Dogecoin (DOGE) has declined below $0.1120 and is currently consolidating losses. The price faces resistance near $0.1085 and $0.1115, with potential for further declines if these levels are not surpassed.

Key points

Dogecoin started a fresh decline below $0.1120
Price is trading below $0.110 and the 100-hourly moving average
Bearish trend line resistance at $0.1085
Potential for further losses if below $0.1085 and $0.1115
Low formed near $0.1058

Dogecoin

Dogecoin started a fresh decline below the $0.1120 zone against the US Dollar. DOGE is now consolidating losses and might face hurdles near $0.1085 and $0.1115.

DOGE price started a fresh decline below the $0.110 level.
The price is trading below the $0.110 level and the 100-hourly simple moving average.
There is a bearish trend line forming with resistance at $0.1085 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price could extend losses if it stays below $0.1085 and $0.1115.

Dogecoin Price Dips Again

Dogecoin price started a fresh decline after it closed below $0.1120, like Bitcoin and Ethereum. DOGE declined below the $0.110 and $0.1080 support levels.

The price even dipped toward the $0.1050 level. A low was formed near $0.1058, and the price is now showing bearish signs well below the 23.6% Fib retracement level of the downward move from the $0.1172 swing high to the $0.1058 low.

Dogecoin price is now trading below the $0.1085 level and the 100-hourly simple moving average. If there is a recovery wave, immediate resistance on the upside is near the $0.1085 level. There is also a bearish trend line forming with resistance at $0.1085 on the hourly chart of the DOGE/USD pair.

The first major resistance for the bulls could be near the $0.110 level. The next major resistance is near the $0.1115 level and the 50% Fib retracement level of the downward move from the $0.1172 swing high to the $0.1058 low.

Source: DOGEUSD on TradingView.com

A close above the $0.1115 resistance might send the price toward the $0.1132 resistance. Any more gains might send the price toward the $0.1145 level. The next major stop for the bulls might be $0.1720.