Dogecoin started a recovery wave above the $0.0980 zone against the US dollar. DOGE is now facing hurdles near USD 0.1010 and could struggle to continue higher.
- DOGE price started a recovery wave from USD 0.0965 and climbed above USD 0.0990.
- The price is trading below the $0.10 level and the 100-hour simple moving average.
- A bearish trendline is forming with resistance at $0.1010 on the hourly chart of the DOGE/USD pair (Kraken data source).
- The price could continue to rise if it remains above $0.1010.
Dogecoin price faces resistance
Dogecoin price started a recovery wave from the $0.0965 zone, like Bitcoin and Ethereum. DOGE climbed above the $0.0980 and $0.0988 resistance levels.
There was quite a bit of upside above the 38.2% Fib retracement level from the downward move from the $0.1031 swing high to the $0.0964 low. However, the price struggled near $0.10. A bearish trendline is also forming with resistance at $0.1010 on the hourly chart of the DOGE/USD pair.
The Dogecoin price is now trading below the $0.10 level and the 100-hourly moving average. If another recovery wave comes, immediate resistance on the upside will be near the $0.1005 level or the 61.8% Fib retracement level of the downward move from the $0.1031 swing high to the $0.0964 low.
The first major resistance for the bulls could be near the $0.1010 level. The next major resistance is near the $0.1032 level. A close above the resistance at $0.1032 could send the price towards the resistance at $0.1050. Any further gains could send the price towards the USD 0.1065 level. The next big stop for the bulls could be $0.1120.
Another drop in DOGE?
If DOGE price fails to rise above the USD 0.1010 level, it could continue to decline. The initial downside support is near the $0.0985 level. The next major support is near the $0.0965 level.
The main support is at USD 0.0950. If there is a downside break below the USD 0.0950 support, the price could fall further. In the mentioned case, the price could slide towards the $0.0920 level or even $0.090 in the short term.
Technical indicators
Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.
Major support levels – $0.0985 and $0.0965.
Major resistance levels – $0.1010 and $0.1032.