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Dogecoin corrected some gains and traded below $0.1080 against the US dollar. DOGE is holding the $0.10 support, but the price could decline further if it fails to regain key resistance levels.
The move lower came after DOGE fell below the 50% Fibonacci retracement level of the upward move from the $0.0878 swing low to the $0.1175 high. Bears pushed the price below $0.1040, though a bullish trend line is forming with support at $0.10 on the hourly chart for the DOGE/USD pair.
Dogecoin is now trading above $0.10 and the 100-hour simple moving average. Immediate resistance is near $0.1035, followed by a first major resistance around $0.1065.
Further resistance sits near $0.1085. A close above $0.1085 could move the price toward $0.1120, with additional gains potentially taking it toward $0.1150. The next major upside level referenced is $0.1175.
If DOGE fails to climb above $0.1060, it could continue moving down. Initial downside support is near $0.10 and the trend line.
The next major support is around $0.0950, also aligned with the 76.4% Fibonacci retracement level of the move from $0.0878 to $0.1175. The main support is at $0.0928. If price breaks below $0.0928, DOGE could decline further toward $0.0880, and possibly $0.0850 in the near term.
Source: DOGEUSD on TradingView.com
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