Dogecoin (DOGE) Breaks Key Support But Bulls Not Quitting

Dogecoin failed to break above $0.1120 and corrected gains against the US dollar. DOGE bulls are lively near $0.1080 and could push it higher again.

DOGE is heading towards breaking through the USD 0.1120 level.
The price remains above the $0.1080 level and the 100-hour basic moving average.
On the hourly chart of the DOGE/USD currency pair, there was a breakout of the key uptrend line with support at USD 0.1090 (data source: Kraken).
The price could start rising again if it breaks through the resistance levels at $0.1100 and $0.1120.

Dogecoin price is heading up

Dogecoin price continued to rally above the $0.1100 resistance zone. It even rose above $0.1110 before bears came in. DOGE started a downward correction from the $0.1111 peak, similar to Bitcoin and Ethereum.

There was a move below the $0.1100 and $0.1095 levels. The price fell below the 23.6% Fibonacci retracement level of the upside from the $0.1037 swing low to $0.1111 high. Additionally, there was a break below the key bullish trendline with support at $0.1090 on the hourly chart of the DOGE/USD pair.

However, bulls were lively near $0.1075. They were protecting the 50% Fibonacci retracement level of the uptrend from the $0.1037 swing low to the $0.1111 high. Dogecoin price is currently trading above the $0.1080 level and the 100-hour basic moving average.

Immediate upside resistance is near the $0.1095 level. The next major resistance is near the $0.1120 level. A close above the $0.1120 resistance could take the price towards the $0.1132 resistance. Any further gains could take the price towards the $0.1150 level. The next major stop for the bulls could be $0.1200.

More losses in DOGE?

If DOGE price fails to break above $0.1095, another decline could begin. Initial support on the downside is near $0.1080. The next major support is near $0.1065.

The major support is at $0.1050. If it breaks below the $0.1050 support, the price could continue to fall. In the given case, the price could fall towards $0.1000 or even $0.0950 in the brief term.

Technical indicators

Hourly MACD – MACD for the DOGE/USD pair is currently losing momentum in the growth zone.

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

Major support levels – USD 0.1065 and USD 0.1050.

Major resistance levels – USD 0.1095 and USD 0.1120.