Dogecoin started a recovery wave above the $0.1040 zone against the US dollar. DOGE is now facing hurdles near USD 0.1075 and could struggle to continue higher.
- DOGE price started a recovery wave from USD 0.1020 and climbed above USD 0.1040.
- The price is trading below the USD 0.1075 level and the 100-hour simple moving average.
- There was a break above a bearish trendline with resistance at $0.1040 on the hourly chart of the DOGE/USD pair (Kraken data source).
- The price could continue to rise if it remains above $0.1020.
Dogecoin price encounters resistance
Dogecoin price started a recovery wave from the $0.1020 zone, like Bitcoin and Ethereum. DOGE climbed above the $0.1035 and $0.1040 resistance levels.
There was quite a bit of upside above the 23.6% Fib retracement level from the downward move from the $0.1127 swing high to the $0.1021 low. Additionally, there was a break above a bearish trendline with resistance at $0.1040 on the hourly chart of the DOGE/USD pair.
The Dogecoin price is now trading below the $0.1075 level and the 100-hourly moving average. If there is another recovery wave, the immediate upside resistance will be around the $0.1062 level. The first major resistance for the bulls could be near the $0.1075 level or the 50% Fib retracement level of the downward move from the $0.1127 swing high to the $0.1021 low.
The next major resistance is near the $0.1088 level. A close above the resistance at $0.1088 could send the price towards the resistance at $0.1120. Any further gains could send the price towards the USD 0.1150 level. The next big stop for the bulls could be $0.1165.
Another drop in DOGE?
If DOGE price fails to rise above the USD 0.1075 level, it could continue to decline. The initial downside support is near the $0.1040 level. The next major support is near the $0.1020 level.
The main support is at $0.10. If there is a downside break below the USD 0.10 support, the price could fall further. In the mentioned case, the price could slide towards the $0.09650 level or even $0.0950 in the short term.
Technical indicators
Hourly MACD – The MACD for DOGE/USD is now gaining strength in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major support levels – $0.1040 and $0.1020.
Major resistance levels – $0.1075 and $0.1120.