Dogecoin (DOGE) Crash Risk Is Growing, Will a Acute Drop Next?

Dogecoin has started a fresh decline below the $0.0920 zone against the US dollar. DOGE is currently consolidating losses and may face hurdles around $0.0910 and $0.0920.

DOGE price started a fresh decline below the USD 0.0920 level.
The price is below the $0.0910 level and the 100-hour straightforward moving average.
A bearish trend line is forming on the hourly chart of the DOGE/USD pair with resistance at USD 0.0910 (data source from Kraken).
The price may augment losses if it stays below $0.0910 and $0.0920.

Dogecoin price at risk of key breakout

Dogecoin price began a fresh decline after closing below $0.0932, along with Bitcoin and Ethereum. DOGE fell below the $0.0920 and $0.0910 support levels.

The price even dropped below $0.090. The low has formed near USD 0.0889 and the price is currently showing bearish signs. There was a rally above $0.0900, but the price remained below the 38.2% Fib retracement level, the result of a downward move from the high of $0.0944 to the low of $0.0889.

Dogecoin price is currently trading below the $0.0910 level and the 100-hour straightforward moving average. If there is a wave of recovery, immediate upside resistance will be near the $0.0910 level.

The first major resistance for bulls could be near the $0.0920 level and the 50% Fib retracement level in a move down from the high at $0.0944 to the low at $0.0889. A bearish trend line is also forming on the hourly chart of the DOGE/USD pair with resistance at $0.0920.

The next major resistance is near the $0.0932 level. A close above the resistance at $0.0932 could push the price towards the resistance at $0.0950. Any further gains could push the price towards the $0.0980 level. The next major stop for bulls could be $0.10.

More losses at DOGE?

If the DOGE price does not rise above the $0.0920 level, it may continue to decline. Initial downside support is near the $0.090 level. The next crucial support is near the USD 0.0880 level.

The main support is located at USD 0.0850. If there is a break below the support at $0.0850, the price may decline further. In this case, the price may drop towards the USD 0.0800 or even USD 0.0750 level in the low term.

Technical indicators

Hourly MACD – The MACD for DOGE/USD is currently gaining momentum in a bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is currently below the 50 level.

Major support levels – USD 0.0900 and USD 0.0880.

Major resistance levels – $0.0920 and $0.0932.