Dogecoin started a recovery wave from the $0.0888 zone against the US dollar. DOGE is rising and could even break the $0.100 resistance zone.
- The DOGE price is targeting a new increase above $0.100.
- The price is trading above the USD 0.0950 level and the 100-hour simple moving average.
- There was a break above a connecting bearish trendline with resistance at $0.0955 on the hourly chart of the DOGE/USD pair (Kraken data source).
- The price could gain bullish momentum if it breaches the USD 0.0980 and USD 0.100 levels.
Dogecoin price eyes continued gains
After a major decline, Dogecoin price found support near the $0.0888 zone. The price formed a base and recently started a recovery wave like Bitcoin and Ethereum. There was a move above the USD 0.0920 and USD 0.0935 resistance levels.
The price reached the 50% Fib retracement level of the downward move from the $0.0994 swing high to the $0.0889 low. There was also a break above a connecting bearish trendline with resistance at $0.0955 on the hourly chart of the DOGE/USD pair.
The Dogecoin price is now trading above the $0.0950 level and the 100-hourly moving average. The immediate resistance on the upside is near the $0.0970 level or the 76.4% Fib retracement level of the downward move from the $0.0994 swing high to the $0.0889 low.
The next major resistance is near the $0.0995 level. A close above the resistance at $0.0995 could send the price towards the resistance at $0.1050. Any further gains could send the price towards the USD 0.1150 level. The next big stop for the bulls could be $0.1200.
Another drop in DOGE?
If DOGE price fails to rise above the USD 0.0995 level, it could trigger another decline. The initial downside support is near the $0.0938 level. The next major support is near the $0.0900 level.
The main support is at $0.0880. If there is a downside break below the USD 0.0880 support, the price could fall further. In the mentioned case, the price could drop to the $0.0850 level or even $0.0835 in the short term.
Technical indicators
Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major support levels – $0.0938 and $0.0900.
Major resistance levels – $0.0995 and $0.1050.