Dogecoin is recovering higher from the $0.060 level against the US dollar. DOGE could continue rising if it breaks the USD 0.0640 resistance zone.
- DOGE started a decent rise above the resistance at $0.0615 against the US dollar.
- The price is trading above the USD 0.062 level and the 100 simple moving average (4 hours).
- A major ascending channel is forming with resistance near $0.0640 on the 4-hour chart of the DOGE/USD pair (Kraken data source).
- The price might struggle to break the USD 0.0638 and USD 0.0640 resistance levels.
Dogecoin Price Begins Recovery
After a major decline, Dogecoin price found support near the $0.0595 zone. DOGE was trading at $0.0591 and recently started a recovery wave. There was a decent move above USD 0.0600 and the price stabilized above USD 0.0612.
Recently, Bitcoin saw a steady rise above $27,000, helping altcoins recover. Dogecoin is also showing some positive signs and was able to clear the resistance at $0.062. There was a move above the 23.6% Fib retracement level of the downward move from the $0.0685 swing high to the $0.0591 low.
DOGE is now trading above the $0.062 level and the 100 simple moving average (4-hours). On the upside, the price is facing resistance near the USD 0.0638 level. It is close to the 50% Fib retracement level of the downward move from the $0.0685 swing high to the $0.0591 low.
The first major resistance is around the $0.0640 level. Furthermore, a key ascending channel is forming with resistance near $0.0640 on the 4-hour chart of the DOGE/USD pair.
Source: DOGEUSD on TradingView.com
A close above the resistance at $0.0620 could send the price towards the resistance at $0.0670. The next major resistance is near $0.0685. Any further gains could send the price towards the USD 0.072 level.
Are dips supported in DOGE?
If DOGE price fails to rise above the USD 0.0640 level, a downward correction could occur. The initial downside support is near the $0.0620 level.
The next major support is near the $0.060 level. If there is a downside break below the USD 0.060 support, the price could fall further. In the mentioned case, the price could drop to the $0.0565 level.
Technical indicators
4 Hours MACD – The MACD for DOGE/USD is now losing momentum in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major support levels – $0.0620, $0.0600 and $0.0565.
Major resistance levels – $0.0638, $0.0640 and $0.0685.