Dogecoin is recovering higher at $0.1220 against the US dollar. DOGE needs to clear the $0.1650 resistance to start another increase towards $0.200.
- DOGE declined significantly and tested the $0.1220 support against the US dollar.
- The price is trading below the $0.1650 level and the 100 simple moving average (4-hours).
- On the 4-hours chart of the DOGE/USD pair, a breakout occurred above the main bearish trendline with resistance at $0.1310 (data source from Kraken).
- A break above the $0.1600 and $0.1650 resistance levels could see the price gain bullish momentum.
Dogecoin price recovered more than 15%.
After a significant decline, Dogecoin price found support near $0.1220. The low was formed at $0.1228 and DOGE recently began a significant recovery like Bitcoin and Ethereum.
There was a steady increase above the $0.1320 and $0.1350 resistance levels. The price cleared the 23.6% Fib retracement level of the downward move from the $0.1927 swing high to the $0.1228 low. A breakout also occurred above the main bearish trendline at $0.1310, which is the resistance level on the 4-hours chart of the DOGE/USD pair.
Dogecoin is still trading below the $0.160 level and the 100 simple moving average (4-hours). On the upside, the price is facing resistance near the $0.1580 level or the 50% Fib retracement level of a downward move from the $0.1927 swing high to the $0.1228 low.
Source: DOGEUSD on TradingView.com
The next major resistance is near the $0.1650 level. A close above the $0.1650 resistance line may cause the price to head towards the $0.1850 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 $0.160 level, another decline could begin. Initial support for the downside is near the $0.1450 level.
The next major support is near the $0.130 level. A break below the $0.130 support line could cause the price to fall further. If indicated, the price may fall to the $0.1150 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 – $0.1450, $0.130 and $0.1150.
Key resistance levels – $0.1580, $0.160, $0.1650.
Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.