Dogecoin corrected some gains and traded below $0.1220 against the US Dollar. DOGE is now holding the $0.120 support but might decline further.

• DOGE price started a fresh downside correction from $0.1275.
• The price is trading below the $0.1225 level and the 100-hourly simple moving average.
• There was a break below a bullish trend line with support at $0.1245 on the hourly chart of the DOGE/USD pair (data source from Kraken).
• The price could aim for a fresh increase if it remains stable above $0.1200.

Dogecoin Price Trims Gains

Dogecoin price started a downside correction after it failed to clear $0.1275, like Bitcoin and Ethereum. DOGE declined below the $0.1250 and $0.1245 levels.

There was a move below the 50% Fib retracement level of the upward move from the $0.1175 swing low to the $0.1275 high. Besides, there was a break below a bullish trend line with support at $0.1245 on the hourly chart of the DOGE/USD pair.

Dogecoin price is now trading below the $0.1225 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.1235 level. The first major resistance for the bulls could be near the $0.1250 level.

The next major resistance is near the $0.1275 level. A close above the $0.1275 resistance might send the price toward $0.1350. Any more gains might send the price toward $0.1380. The next major stop for the bulls might be $0.1420.

More Losses In DOGE?

If DOGE’s price fails to climb above the $0.1250 level, it could continue to move down. Initial support on the downside is near the $0.120 level and the 76.4% Fib retracement level of the upward move from the $0.1175 swing low to the $0.1275 high.

The next major support is near the $0.1192 level. The main support sits at $0.1150. If there is a downside break below the $0.1150 support, the price could decline further. In the stated case, the price might slide toward the $0.1080 level or even $0.1050 in the near term.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone.

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

Major Support Levels – $0.1200 and $0.1150.

Major Resistance Levels – $0.1250 and $0.1275.