Dogecoin started a recovery wave above the $0.1050 zone against the US dollar. DOGE is now facing hurdles near USD 0.1120 and could struggle to continue higher.
- DOGE price started a recovery wave from USD 0.095 and climbed above USD 0.1050.
- The price is trading above the USD 0.1060 level and the 100-hour simple moving average.
- A major ascending channel is forming with support at $0.1035 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 aims higher
Dogecoin price started a recovery wave from the $0.0950 zone, beating Bitcoin and Ethereum. DOGE climbed above the $0.1020 and $0.1050 resistance levels.
There was quite a bit of upside above the 50% Fib retracement level from the downward move from the $0.1185 swing high to the $0.0950 low. Furthermore, a key ascending channel is forming with support at $0.1035 on the hourly chart of the DOGE/USD pair.
The Dogecoin price is now trading above the $0.1060 level and the 100-hourly moving average. If another recovery wave comes, immediate resistance on the upside will be near the $0.1095 level or the 61.8% Fib retracement level of the downward move from the $0.1185 swing high to the $0.0950 low.
The first major resistance for the bulls could be near the $0.1120 level. The next major resistance is near the $0.1145 level. A close above the resistance at $0.1145 could send the price towards the resistance at $0.1185. Any further gains could send the price towards the USD 0.120 level. The next big stop for the bulls could be $0.1250.
Another drop in DOGE?
If DOGE price fails to rise above the USD 0.1120 level, it could continue to decline. The initial downside support is near the $0.1040 level. The next major support is near the $0.10 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 $0.0880 level or even $0.0850 in the short term.
Technical indicators
Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major support levels – $0.1040 and $0.1000.
Major resistance levels – $0.1095 and $0.1120.