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Dogecoin (DOGE) price has started a fresh decline against the US Dollar, slipping below the $0.0920 area. After breaking down, the token is consolidating losses and faces potential hurdles around $0.0920 and $0.0925.
DOGE began a renewed drop after moving below the $0.0912 level. The price is currently trading below $0.0905 and below the 100-hourly simple moving average. On the hourly chart for the DOGE/USD pair, a bearish trend line is forming, with resistance near $0.0918 (data source: Kraken).
The selloff extended through key supports, with DOGE trading below $0.090. A low was formed near $0.0899, followed by a recovery attempt above $0.0900. However, the rebound failed to clear the 23.6% Fibonacci retracement level of the move from the $0.0935 swing high to the $0.0899 low.
If DOGE attempts a recovery, immediate resistance is near $0.0912. The first major resistance for buyers could be around $0.0918, which also aligns with the 50% Fibonacci retracement level of the same downward move. Additional resistance is seen near $0.0925.
A close above $0.0925 could improve the outlook, potentially pushing DOGE toward $0.0950. Further gains could extend toward $0.0980, with $0.10 identified as the next major level for bulls.
If DOGE fails to move above $0.0918, the price could continue lower. Initial downside support is near $0.0900, followed by a next major support around $0.0880. The main support is at $0.0850.
Should DOGE break below $0.0850, the article notes that the price could decline further, with potential moves toward $0.0800 and possibly $0.0750 in the near term.
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