Dogecoin started to recover above the $0.0980 zone against the US Dollar. DOGE is now facing difficulties near $0.1010 and may struggle to continue.
- The price of DOGE started to recover from $0.0965 and rose above $0.0990.
- The price is trading below the $0.10 level with the 100-hour simple moving average.
- There is a bearish line forming and resistance at $0.1010 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price may continue to rise if it stays above $0.1010.
Dogecoin Price Faces Resistance
The price of Dogecoin started to recover from the level of $0.0965, if Bitcoin and Ethereum. DOGE rose above $0.0980 and $0.0988 resistance levels.
There was a positive move higher above the 38.2% Fib retracement level of the down from the $0.1031 swing up to the $0.0964 low. However, the price struggled around $0.10. There is also a bearish line that forms and resists at $0.1010 on the one-hour chart of the DOGE/USD pair.
The price of Dogecoin is now trading below the $0.10 level and around the 100 hourly simple moving average. If there are other recovery waves, immediate resistance on the surface is near the $0.1005 level or the 61.8% Fib retracement level of the downdown from the $0.1031 swing up to the $0.0964 low.
The first major resistance of the bulls could be near the $0.1010 level. The next major resistance is near the $0.1032 level. A close above the $0.1032 resistance would send the price to the $0.1050 resistance. Any further gains could send the price to the $0.1065 level. The next big stop for the bulls would be $0.1120.
Another Refusal to DOGE?
If the price of DOGE fails to rise above the $0.1010 level, it may continue to decline. The initial support on the downside is near the $0.0985 level. The next major support is near the $0.0965 level.
The main support is $0.0950. If there is a break below the $0.0950 support, the price could go down significantly. In the said case, the price may drop to the level of $0.0920 or $0.090 soon.
Technical Indicators
Hourly MACD – The MACD of DOGE/USD is now moving into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI of DOGE/USD is now below the 50 level.
Major Support Levels – $0.0985 and $0.0965.
Major Resistance Levels – $0.1010 and $0.1032.
