Dogecoin started a recovery wave above the $0.0925 zone against the US dollar. DOGE is now facing hurdles near USD 0.0970 and could struggle to continue higher.
- DOGE price started a recovery wave from USD 0.0880 and climbed above USD 0.0950.
- The price is trading below the USD 0.0955 level and the 100-hour simple moving average.
- A contracting triangle is forming with support at $0.0920 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 $0.0880 zone, like Bitcoin and Ethereum. DOGE climbed above the USD 0.090 and USD 0.0920 resistance levels.
There was quite a bit of upward movement towards the 50% Fib retracement level from the downward move from the $0.1061 swing high to the $0.0877 low. However, the bears remained active near the $0.0970 zone. Furthermore, a contracting triangle is forming with support at $0.0920 on the hourly chart of the DOGE/USD pair.
The Dogecoin price is now trading below the $0.0955 level and the 100-hourly moving average. If another recovery wave comes, immediate upside resistance will be around the $0.0970 level.
The first major resistance for the bulls could be near the $0.0990 level or the 61.8% Fib retracement level of the downward move from the $0.1061 swing high to the $0.0877 low. The next major resistance is near the $0.1020 level. A close above the resistance at $0.1020 could send the price towards the resistance at $0.1085. Any further gains could send the price towards the USD 0.1120 level. The next big stop for the bulls could be $0.1150.
Another drop in DOGE?
If DOGE price fails to rise above the USD 0.0970 level, it could continue to decline. The initial downside support is near the $0.0920 level. The next major support is near the $0.090 level.
The main support is at $0.0875. If there is a downside break below the USD 0.0875 support, the price could fall further. In the mentioned case, the price could slide towards the $0.0820 level or even $0.0800 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 below the 50 level.
Major support levels – $0.0920 and $0.0900.
Major resistance levels – $0.0970 and $0.0990.