Dogecoin is attempting a recovery wave above the $0.0585 resistance against the US Dollar. DOGE could rally if it clears the $0.065 resistance zone.
- DOGE is currently struggling to clear the $0.0628 resistance against the US Dollar.
- The price is trading below the $0.065 zone and the 100 simple moving average (4 hours).
- A major bearish trendline is forming with resistance near $0.0635 on the DOGE/USD pair’s 4-hour chart (data source from Kraken).
- The pair could start another rally if it clears the $0.065 resistance zone.
Dogecoin Price Eyes Recovery
After a sharp decline, Dogecoin price found support near the $0.0554 zone. DOGE formed a base and recently started a decent recovery above $0.058, similar to Bitcoin and Ethereum.
There was clear movement above the $0.0585 resistance zone. The bulls pushed the price above the 23.6% Fib retracement level of the downward move from the $0.0714 swing high to the $0.0554 low. The price is now consolidating above $0.060.
DOGE is still trading below the $0.065 zone and the 100 simple moving average (4 hours). A major bearish trendline is also forming with resistance near $0.0635 on the 4-hour chart of the DOGE/USD pair.
On the upside, the price is facing resistance near the $0.0628 level. The first major resistance is near the $0.0635 level and the trendline. It is close to the 50% Fib retracement level of the downward move from the $0.0714 swing high to the $0.0554 low.
Source: DOGEUSD at TradingView.com
A close above the $0.0635 resistance could push the price towards the $0.065 resistance. The next major resistance is near $0.0675. More gains could push the price towards the $0.070 level.
Lose more in DOGE?
If the price of DOGE fails to move faster than the $0.0635 level, it could drop further. The first support on the downside is near the $0.0595 level.
The next major support is near the $0.0580 level. If there is a downside break below the $0.0585 support, the price could move further down. In the said case, the price may fall towards the $0.0554 level.
Technical indicators
4am MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Main Support Levels – $0.0595, $0.0580 and $0.0554.
Key resistance levels – $0.0628, $0.0635 and $0.0650.
