Dogecoin Stalls in Range, Bulls Fail to Seize Momentum

Dogecoin (DOGE) has stalled in its current range, with bulls failing to seize momentum. The cryptocurrency's price has corrected some gains from the $0.0980 zone against the US Dollar, and is now holding the $0.0940 support.

Dogecoin Price Analysis

Dogecoin's price started a fresh downside correction below $0.0955, with the price trading above the $0.0940 level and the 100-hourly simple moving average. There was a break below a bullish trend line with support at $0.0952 on the hourly chart of the DOGE/USD pair.

Key Levels to Watch

• $0.0940: Immediate support on the downside
• $0.0928: 50% Fib retracement level of the upward move from the $0.0897 swing low to the $0.0978 high
• $0.0980: First major resistance for the bulls

Dogecoin's Future Outlook

If Dogecoin's price remains stable above $0.0928, it could aim for a fresh increase. A close above the $0.10 resistance might send the price toward $0.1080, with any more gains potentially sending the price toward $0.1120.

Risk of Further Losses

If DOGE's price fails to climb above the $0.0980 level, it could continue to move down. Initial support on the downside is near the $0.0940 level, with the next major support near the $0.09280 level.

Technical Indicators

The hourly MACD for DOGE/USD is now losing momentum in the bullish zone, while the hourly RSI is below the 50 level. 38.2% Fib retracement level and 100-hourly simple moving average are key indicators to watch.

Key Takeaways

• Dogecoin's price has stalled in its current range, with bulls failing to seize momentum
• The cryptocurrency's price could aim for a fresh increase if it remains stable above $0.0928
• A close above the $0.10 resistance might send the price toward $0.1080
• Initial support on the downside is near the $0.0940 level

Frequently Asked Questions

What is the current support level for Dogecoin?

The current support level for Dogecoin is $0.0940, with the next major support near the $0.09280 level.

What is the first major resistance for the bulls?

The first major resistance for the bulls is near the $0.0980 level, with a close above this level potentially sending the price toward $0.1080.