Compass Investments

– Dogecoin has pulled back from gains near $0.1050 against the U.S. dollar. DOGE is now holding at $0.10, but could continue to fall.

DOGE price started a new downward correction below $0.1020.

The price is trading below $0.1020 and the 100-hour simple moving average.

On the hourly chart of DOGE/USD (Kraken data source), a downtrend is forming with resistance at $0.1020.

The price may target a new growth if it finds support above $0.10.

Dogecoin price started a downward correction, failing to overcome $0.1050 like Bitcoin and Efirium. DOGE fell below $0.1035 and $0.1020.

There was a move below the 50% Fibonacci retracement from the low of $0.0968 to the peak of $0.1048. The price even fell below $0.10 before buyers appeared. In addition, a bearish trend line is forming on the hourly chart of DOGE/USD with resistance at $0.1020.

Dogecoin price is now trading below $0.1015 and the 100-hour simple moving average. The immediate upside obstacle is near $0.1020. The first significant resistance for buyers may occur near $0.1036. The next significant hurdle is located near $0.1050.

A consolidation above $0.1050 could send the price towards $0.1088. Further rise may lead to $0.1120. The next important mark for the bulls could be $0.1150.

Down on DOGE?

If the DOGE price fails to rise above $0.1020, it may continue to fall. The initial downside support is around $0.10. This is close to the 61.8% Fibonacci retracement from the low of $0.0968 to the peak of $0.1048.

The next major support is located near $0.0985. The key support is at $0.0965. If there is a break below $0.0965, the price may fall even more. In this case, the price may reach $0.0920. Further decline may lead to testing the level of $0.0880.

Hourly MACD – MACD for DOGE/USD is now gaining strength in the bearish zone.