Dogecoin started a recovery wave above the $0.1420 zone against the US dollar. DOGE is now facing hurdles near USD 0.1540 and could struggle to continue higher.
- DOGE price started a decent upward move above USD 0.140 and USD 0.1420.
- The price is trading above the USD 0.1450 level and the 100-hour simple moving average.
- A bearish trendline is forming with resistance at $0.1530 on the hourly chart of the DOGE/USD pair (Kraken data source).
- The price could extend losses if it remains below USD 0.1530 and USD 0.1540.
Dogecoin price faces hurdles
Dogecoin price started a recovery wave from the $0.1330 zone, like Bitcoin and Ethereum. DOGE climbed above the USD 0.1320 and USD 0.140 resistance levels.
There was quite a bit of upside above the 50% Fib retracement level from the downward move from the $0.1593 swing high to the $0.1330 low. However, the bears seem to be active around the USD 0.1530 and USD 0.1540 levels. Moreover, a bearish trendline is forming with resistance at $0.1530 on the hourly chart of the DOGE/USD pair.
The Dogecoin price is now trading above the $0.150 level and the 100-hourly moving average. If there is a recovery wave, immediate upside resistance will be around the $0.1530 level. The first major resistance for the bulls could be near the $0.1540 level, the trendline and the 76.4% Fib retracement level of the downward move from the $0.1593 swing high to the $0.1330 low.
The next major resistance is near the $0.1590 level. A close above the resistance at $0.1590 could send the price towards the resistance at $0.1650. Any further gains could send the price towards the USD 0.1720 level. The next big stop for the bulls could be $0.180.
Another drop in DOGE?
If DOGE price fails to rise above the USD 0.1540 level, it could continue to decline. The initial downside support is near the $0.1460 level. The next major support is near the $0.1420 level.
The main support is at $0.1330. If there is a downside break below the USD 0.1330 support, the price could fall further. In the mentioned case, the price could slide towards the $0.120 level or even $0.1120 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 – $0.1460 and $0.1420.
Major resistance levels – $0.1540 and $0.1590.