Over the past few sessions, Dogecoin price declined sharply like Bitcoin and Ethereum. The bears took control and pushed the price below the $0.1120 and $0.1050 support levels.

The price even declined below the $0.1000 support and reached a low of $0.0881. DOGE price is currently consolidating losses and is trading below the 23.6% Fibonacci retracement level of the down move from the $0.1194 high to $0.0881 low, showing many bearish signs.

Dogecoin is currently trading below the $0.100 level and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $0.0950 level. The next major resistance is near the $0.1000 level. There is also a key bearish trend line formed with resistance at $0.1000 on the hourly chart of the DOGE/USD pair.

A close above the $0.100 resistance could see the price drop towards the $0.1040 resistance or the 50% Fibonacci retracement level of the downside move from the $0.1194 swing high to $0.0881 low. If the price rises further, it could drop towards the $0.1080 level. The next major stop for the bulls could be $0.1120.

Advantages of Dogecoin:

1. The transaction speed is about 1 minute, which is much faster than other cryptocurrencies.  

2. Since there is less competition to mine Dogecoin, the transaction fees are also much lower.  

3. The Dogecoin community is known for actively organizing charity events and raising funds for them.  

Disadvantages of Dogecoin

1. Since the supply of Dogecoin is unlimited, an increase in the number of tokens will lead to inflation and a drop in the token price.  

2. It is highly volatile and its price is affected by social media trends, market speculation, and endorsements from famous figures.  

3. The use cases of Dogecoin are very limited compared to other cryptocurrencies such as smart contracts and dApps.

Technical Indicators

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

Major Support Levels – $0.0760 and $0.0680.

Major Resistance Levels – $0.01 and $0.11.