Dogecoin started a recovery wave above the $0.0915 zone against the US dollar. DOGE is now facing hurdles near USD 0.0930 and could struggle to continue higher.
- DOGE price started a recovery wave from USD 0.0890 and climbed above USD 0.0920.
- The price is trading above the USD 0.09150 level and the 100-hour simple moving average.
- A bearish trendline is forming with resistance at $0.0928 on the hourly chart of the DOGE/USD pair (Kraken data source).
- The price could continue to rise if it remains above $0.090.
Dogecoin price encounters resistance
Dogecoin price started a recovery wave from the $0.0890 zone, like Bitcoin and Ethereum. DOGE climbed above the $0.0905 and $0.09120 resistance levels.
There was quite a bit of upward movement above the 50% Fib retracement level from the downward move from the $0.0937 swing high to the $0.0893 low. However, the bears remained active near the $0.0930 zone. Moreover, a bearish trendline is forming with resistance at $0.0928 on the hourly chart of the DOGE/USD pair.
The Dogecoin price is now trading above the $0.0912 level and the 100-hourly moving average. If another recovery wave comes, immediate resistance on the upside will be near the $0.09280 level, the trendline and the 76.4% Fib retracement level of the downward move from the $0.0937 swing high to the $0.0893 low.
The first major resistance for the bulls could be near the $0.0930 level. The next major resistance is near the $0.0950 level. A close above the USD 0.0950 resistance could send the price towards the USD 0.0980 resistance. Any further gains could send the price towards the USD 0.10 level. The next big stop for the bulls could be $0.1020.
Another drop in DOGE?
If DOGE price fails to rise above the USD 0.0930 level, it could continue to decline. The initial downside support is near the $0.0915 level. The next major support is near the $0.090 level.
The main support is at USD 0.0885. If there is a downside break below the USD 0.0885 support, the price could fall further. In the mentioned case, the price could slide towards the $0.0860 level or even $0.0835 in the short term.
Technical indicators
Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major support levels – USD 0.0900 and USD 0.0885.
Major resistance levels – $0.0930 and $0.0950.