Dogecoin recovers losses from the $0.1020 zone against the US dollar. DOGE is now showing positive signs and could clear the resistance at $0.1165.
- DOGE price started a fresh rise above the USD 0.1100 resistance level.
- The price is trading above the USD 0.1120 level and the 100-hour simple moving average.
- There was a break above a major bearish trendline with resistance at $0.1100 on the hourly chart of the DOGE/USD pair (Kraken data source).
- The price could gain bullish momentum if it crosses the USD 0.1165 and USD 0.1180 resistance levels.
Dogecoin Price Begins Recovery
The price of Dogecoin fell towards the $0.100 support. DOGE traded as low as $0.1012 and recently started a new surge, just like Bitcoin and Ethereum. There was a move above the USD 0.1060 and USD 0.1080 resistance levels.
The price surpassed the USD 0.1120 resistance level. There was a break above a major bearish trendline with resistance at $0.1100 on the hourly chart of the DOGE/USD pair. It traded above the 23.6% Fib retracement level of the downward wave from the $0.1320 swing high to the $0.1012 low.
The Dogecoin price is now trading above the $0.1120 level and the 100-hourly moving average. The immediate resistance on the upside is near the $0.1165 level. It is close to the 50% Fib retracement level of the downward wave from the $0.1320 swing high to the $0.1012 low.
The next major resistance is near the $0.1180 level. A close above the resistance at $0.1180 could send the price towards the resistance at $0.1240. Any further gains could send the price towards the USD 0.1265 level. The next big stop for the bulls could be $0.1320.
Another drop in DOGE?
If DOGE price fails to rise above the USD 0.1165 level, it could trigger another decline. The initial downside support is near the $0.1120 level. The next major support is near the $0.1100 level.
The main support is at $0.1080. If there is a downside break below the USD 0.1080 support, the price could fall further. In the mentioned case, the price could drop to the $0.1020 level or even $0.0980 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 – $0.1120 and $0.1080.
Major resistance levels – $0.1165 and $0.1240.