Potential Halt in Dogecoin Price Rally: Key Resistance Zones to Monitor

Dogecoin has encountered a struggle to climb past the $0.1150 resistance level against the US Dollar. DOGE is in a consolidation phase and might face further declines if it breaches the $0.100 support.

• DOGE price is finding it difficult to break the $0.1150 resistance area.
• The price is lingering below both the $0.1080 threshold and the 100-hourly simple moving average.
• A minor bearish trend line is emerging with resistance near $0.1050 on the hourly chart of the DOGE/USD pair according to Kraken data).
• To turn the tide in its favor, the price must breach and secure positions above $0.1080 and $0.1150.

Dogecoin Price Challenged

Following a modest rebound, Dogecoin’s price failed to overcome the $0.1150 resistance level. The touched a high near $0.1141 and is now on a downward slope again similar to Bitcoin and Ethereum.

It breached the $0.1080 support mark and declined below the 50% Fib retracement level of the increase from $0.09134 to $0.1141 peak. Nonetheless, bulls are providing support in the vicinity of the $0.100 psychological mark.

At this time, DOGE is trading beneath the $0.1080 support and the 100-hourly simple moving average and is stationed above the 61.8% Fib retracement level of the same upward trajectory.

A new surge might encounter barriers near the $0.1050 level. Additionally, there’s the aforementioned bearish trend line on the hourly chart of the DOGE/USD pair. A crucial next barrier is situated around the $0.1080 level.

If DOGE price secures a closing above the $0.1080 resistance, it could gravitate towards the $0.1150 resistance. Advancing beyond that could lead the price towards the $0.1250 level, with the potential next bullish target at $0.1320.

Darker Days Ahead for DOGE?

Should DOGE price falter in rallying beyond the $0.1150 mark, a continuing downward trajectory might ensue. Immediate downside support is located near the $0.100 landmark.

Further support is eyed near the $0.0950 level. A drop below the $0.0920 support could precipitate a more pronounced decline. In such a scenario, the price could potentially shrink towards the $0.0850 level.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is presently gaining momentum within the bearish zone.

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

Major Support Levels – $0.100, $0.0950 and $0.0850.

Major Resistance Levels – $0.1050, $0.1080, and $0.1150.