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Dogecoin price started a downside correction after it failed to surpass $0.0985, alongside broader weakness seen in Bitcoin and Ethereum. DOGE slipped below the $0.0980 and $0.0970 levels.
Dogecoin moved below the 50% Fibonacci retracement level of the upward move from the $0.0936 swing low to the $0.0985 high. The price even spiked below $0.0955 before buyers appeared. DOGE is now trading above the $0.0950 level and the 100-hourly simple moving average.
In addition, a bullish trend line is forming with support at $0.0955 on the hourly chart for the DOGE/USD pair.
Immediate resistance is near the $0.0980 level. The first major resistance for bulls could be around $0.0985, followed by the next major resistance near the $0.10 level.
If DOGE closes above the $0.10 resistance, the price could move toward $0.1120. Further gains might extend toward $0.1150, with the next major upside target for bulls at $0.120.
If DOGE fails to climb above the $0.0980 level, it could continue moving lower. Initial downside support is near $0.0955 and the trend line, close to the 61.8% Fibonacci retracement level of the move from $0.0936 to $0.0985.
The next major support is around $0.0950, followed by main support at $0.0920. If price breaks below $0.0920, DOGE could decline further, potentially sliding toward $0.0880. Additional losses could lead to a test of $0.0850.
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