Dogecoin Price (DOGE) Slips Alongside Bitcoin and Ethereum: Market Analysis

Dogecoin Price Plummets by Over 15%

Dogecoin has experienced a significant decline, falling below the $0.1150 level against the US Dollar. It currently trades below $0.100, exhibiting bearish signals.

The price has dropped over 15% from its previous peak above $0.1200. It now trades below both the $0.100 level and the 100-hourly simple moving average.

A bearish trend line has formed on the hourly chart of the DOGE/USD pair with resistance at $0.1000. Unless this resistance is reclaimed, the price is likely to continue its downward trajectory.

Dogecoin Consolidates Losses

In recent sessions, Dogecoin has paralleled the price declines of Bitcoin and Ethereum. Bears have taken control, pushing the price below support levels at $0.1120 and $0.1050.

It even dipped below $0.1000, reaching a low of $0.0881. Dogecoin is currently consolidating its losses.

The price shows bearish indicators below the 23.6% Fib retracement level of its downward move from $0.1194 to $0.0881.

Trading beneath $0.100 and the 100-hourly simple moving average, Dogecoin faces immediate resistance at $0.0950 and major resistance at $0.1000.

A breakout above $0.100 could lead to a rally towards $0.1040 or the 50% Fib retracement level at $0.1080, with $0.1120 serving as a potential upside target.

Potential Downsides

If Dogecoin fails to regain $0.1000, it may enter another decline. Initial support is at $0.0880, followed by $0.0850.

The main support level lies at $0.0780. A breach below this level could lead to further losses towards $0.0720.

Technical Indicators

• Hourly MACD: Gaining momentum in the bearish zone.
• Hourly RSI: Below the 50 level.
• Major Support Levels: $0.0880, $0.0780
• Major Resistance Levels: $0.0950, $0.1000