Dogecoin started to recover above the $0.0820 zone against the US Dollar. DOGE is now facing difficulties near $0.090 and may struggle to continue.
- The price of DOGE started to recover from $0.0775 and rose above $0.0820.
- The price is trading below the level of $0.0820 and the 100-hour simple moving average.
- There was a break above the bearish trend line and resistance at $0.0820 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price may continue to rise if it stays above $0.090.
Dogecoin Price Faces Resistance
The price of Dogecoin started to recover from the $0.0775 zone, as Bitcoin and Ethereum. DOGE rose above $0.080 and $0.0820 resistance levels.
There was a break above the bearish trend line and resistance at $0.0820 on the hourly chart of the DOGE/USD pair. There was a positive move higher above the 23.6% Fib retracement level of the downside from the $0.1008 swing high to the $0.0776 low.
Dogecoin price is now trading above the $0.0820 level and around the 100 hourly moving average. If there are some recovery waves, the long-term upper resistance is near the $0.0865 level.
The first major resistance of the bulls could be near the $0.090 level or the 50% Fib retracement level of the downward move from the $0.1008 swing high to the $0.0776 low. The next major resistance is near the $0.0920 level. A close above the $0.0920 resistance could send the price to the $0.10 resistance. Any further gains could send the price to the $0.1035 level. The next big stop for the bulls would be $0.1050.
Another Refusal to DOGE?
If the price of DOGE fails to rise above the $0.090 level, it may continue to decline. The initial support is near the $0.0840 level. The next major support is near the $0.0820 level.
The main support is $0.0820. If there is a break below the $0.0820 support, the price could go down significantly. In the said case, the price may drop to the level of $0.0775 or $0.0750 soon.
Technical Indicators
Hourly MACD – The MACD of DOGE/USD is now expanding into bullish territory.
Hourly RSI (Relative Strength Index) – The RSI of DOGE/USD is now above the 50 level.
Major Support Areas – $0.0820 and $0.080.
Major Resistance Levels – $0.090 and $0.0920.
