Dogecoin is recovering its losses in the $0.1020 area against the US dollar. DOGE is now showing positive signs and may clear the $0.1165 resistance.
- DOGE price started a new rise above the $0.1100 resistance level.
- The price is trading above the $0.1120 level and the 100-hour simple moving average.
- On the hourly chart of the DOGE/USD pair, a breakout occurred above the main bearish trendline with resistance at $0.1100 (data source from Kraken).
- The price could gain bullish momentum if it breaks the $0.1165 and $0.1180 resistance levels.
Dogecoin price begins to recover
Dogecoin price declined towards the $0.100 support. DOGE traded as low as $0.1012 and recently started a new rally like Bitcoin and Ethereum. There was movement above the $0.1060 and $0.1080 resistance levels.
The price broke above the $0.1120 resistance level. On the hourly chart of the DOGE/USD pair, a breakout occurred above the main bearish trendline with resistance at $0.1100. It traded above the 23.6% Fib retracement level of the downward wave from the $0.1320 swing high to the $0.1012 low.
Dogecoin price is currently trading around the $0.1120 level and above the 100-hour simple moving average. Immediate upside resistance is near the $0.1165 level. The $0.1320 swing high to $0.1012 low is close to the 50% Fib retracement level of the bearish wave.
The next major resistance is near the $0.1180 level. A close above the $0.1180 resistance line may cause the price to head towards the $0.1240 resistance line. Any more profits could push the price down to the $0.1265 level. The next major stop for the bulls could be at $0.1320.
Another decline in DOGE?
If DOGE’s price fails to rise above the $0.1165 level, another decline could begin. Initial support for the downside is near the $0.1120 level. The next major support is near the $0.1100 level.
Key support is at $0.1080. If there is a downward break below the $0.1080 support, the price could fall further. If indicated, the price may fall to the $0.1020 or $0.0980 level in the short term.
technical indicators
Hourly MACD – The MACD for DOGE/USD is now gaining momentum in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for DOGE/USD is now above the 50 level.
Key support levels – $0.1120 and $0.1080.
Key resistance levels – $0.1165 and $0.1240.