Dogecoin has started a recovery wave by breaking above the $0.0925 zone against the US dollar. DOGE currently faces a hurdle near $0.0970 and may find it difficult to continue higher.
DOGE price started a recovery wave from $0.0880 and crossed $0.0950. The price is trading below the $0.0955 level and the 100 hourly simple moving average. On the hourly chart of the DOGE/USD pair, a contracting triangle is forming with support at $0.0920 (data source: Kraken). If the price remains above $0.090, the price is likely to continue rising.
Dogecoin price reaches resistance
Dogecoin price started a recovery wave from the $0.0880 zone, similar to Bitcoin and Ethereum. DOGE has broken above the $0.090 and $0.0920 resistance levels.
A decent up move was seen towards the 50% Fib retracement level of the decline from the swing high of $0.1061 to the low of $0.0877. However, the bears remained active near the $0.0970 zone. Additionally, on the hourly chart of the DOGE/USD pair, a contracting triangle has formed with support at $0.0920.
Dogecoin price is currently trading below the $0.0955 level and the 100-hour simple moving average. If there is another wave of recovery, the immediate resistance will be around the $0.0970 level.
The first major resistance for the bulls could be around the $0.0990 level or the 61.8% Fib retracement level of the decline from the swing high of $0.1061 to the low of $0.0877. The next major resistance level is near the $0.1020 level. If the closing price rises above the $0.1020 resistance, the price may head towards the $0.1085 resistance. Further upside could send the price towards the $0.1120 level. The next major stop for the bulls could be at $0.1150.
Another decline in DOGE?
If DOGE price fails to break above the $0.0970 level, the decline may continue. Downside support is near $0.0920. The next major support is around the $0.090 level.
The main support lies at $0.0875. A downside break below the support at $0.0875 could cause the price to fall further. In the above case, the price could fall towards the $0.0820 level and even $0.0800 in the short term.
technical indicators
Hourly MACD – The MACD for DOGE/USD is currently losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is currently below the 50 level.
Major support levels – $0.0920 and $0.0900.
Key resistance levels – $0.0970 and $0.0990.
