Dogecoin (DOGE) Slow Bleed Continues, Key $0.10 Support Comes Into Focus

TL;DR

Dogecoin (DOGE) has declined below $0.1080, facing resistance near $0.1075. The price may continue to drop if it remains under $0.1075 and $0.110.

Key points

DOGE price started a fresh decline below $0.1080
Price is trading below $0.1075 and the 100-hourly simple moving average
Bearish trend line forming with resistance at $0.1075

Dogecoin

Dogecoin started a fresh decline below the $0.1080 zone against the US Dollar. DOGE is now consolidating losses and might face hurdles near $0.1065 and $0.1075.

DOGE price started a fresh decline below the $0.1080 level.
The price is trading below the $0.1075 level and the 100-hourly simple moving average.
There is a bearish trend line forming with resistance at $0.1075 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price could extend losses if it stays below $0.1075 and $0.110.

Dogecoin Price Dips Further

Dogecoin price started a fresh decline after it closed below $0.110, like Bitcoin and Ethereum. DOGE declined below the $0.1080 and $0.1050 support levels.

The price even dipped toward the $0.1020 level. A low was formed near $0.1025, and the price is now showing bearish signs well below the 23.6% Fib retracement level of the downward move from the $0.1127 swing high to the $0.1025 low.

Dogecoin price is now trading below the $0.1065 level and the 100-hourly simple moving average. If there is a recovery wave, immediate resistance on the upside is near the $0.1065 level. There is also a bearish trend line forming with resistance at $0.1075 on the hourly chart of the DOGE/USD pair. It is close to the 50% Fib retracement level of the downward move from the $0.1127 swing high to the $0.1025 low.

Source: DOGEUSD on TradingView.com

The first major resistance for the bulls could be near the $0.110 level. The next major resistance is near the $0.110 level. A close above the $0.110 resistance might send the price toward the $0.1120 resistance. Any more gains might send the price toward the $0.1190 level. The next major stop for the bulls might be $0.120.