Dogecoin is attempting to recover above the $0.150 resistance zone against the US dollar. DOGE may have difficulty clearing the $0.170 resistance zone.
- DOGE began its recovery at the $0.1280 support zone against the US dollar.
- The price is trading above the $0.1500 level and the 100 simple moving average (4-hours).
- On the 4-hours chart of the DOGE/USD pair, there is a major bearish trendline forming at resistance $0.170 (data source from Kraken).
- The price should stabilize above $0.170 to move into positive territory and start a new surge.
Dogecoin price faces hurdles
After the big drop, Dogecoin price found support at $0.1280. The low was made at $0.1283 and DOGE, like Bitcoin and Ethereum, began a significant recovery. There was movement above the $0.1350 and $0.140 resistance levels.
The price broke above the 23.6% Fib retracement level of the downward wave from the $0.2093 swing high to the $0.1283 low. However, the bears are still active and protecting more profits. There is also a major bearish trendline forming resistance at $0.170 on the 4-hours chart of the DOGE/USD pair.
Dogecoin is also below the $0.1650 level and the 100 simple moving average (4-hours). On the upside, the price is facing resistance near the $0.1690 level or the 50% Fib retracement level of the downward wave from the $0.2093 swing high to the $0.1283 low.
Source: DOGEUSD on TradingView.com
The next major resistance is near the $0.170 level. A close above the $0.170 resistance line may cause the price to head towards the $0.1880 resistance line. The next major resistance is near $0.200. If more profits are made, the price may drop to the $0.220 level.
Another decline in DOGE?
If DOGE’s price fails to rise above the $0.170 level, another decline could begin. Initial support for the downside is near the $0.1525 level.
The next major support is near the $0.1475 level. A break below the $0.1750 support could lead the price to fall further. If indicated, the price may fall to the $0.1280 level.
technical indicators
4-Hour MACD – The MACD for DOGE/USD is now gaining momentum in bullish territory.
4-Hour RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Key support levels – $0.1525, $0.1475 and $0.1280.
Key resistance levels – $0.1690, $0.1700 and $0.200.
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