Dogecoin started a recovery wave above the $0.0980 zone against the US Dollar. DOGE is now facing hurdles near $0.1010 and might struggle to continue higher.
- DOGE price started a recovery wave from $0.0965 and climbed above $0.0990.
- The price is trading below the $0.10 level and the 100-hourly simple moving average.
- There is a bearish trend line forming with resistance at $0.1010 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could continue to move up if it stays above $0.1010.
Dogecoin Price Faces Resistance
Dogecoin price started a recovery wave from the $0.0965 zone, like Bitcoin and Ethereum. DOGE climbed above the $0.0980 and $0.0988 resistance levels.
There was a decent upward move above the 38.2% Fib retracement level of the downward move from the $0.1031 swing high to the $0.0964 low. However, the price struggled near $0.10. There is also a bearish trend line forming with resistance at $0.1010 on the hourly chart of the DOGE/USD pair.
Dogecoin price is now trading below the $0.10 level and the 100-hourly simple moving average. If there is another recovery wave, immediate resistance on the upside is near the $0.1005 level or the 61.8% Fib retracement level of the downward move from the $0.1031 swing high to the $0.0964 low.
The first major resistance for 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 might send the price toward the $0.1050 resistance. Any more gains might send the price toward the $0.1065 level. The next major stop for the bulls might be $0.1120.
Another Decline In DOGE?
If DOGE’s price fails to climb above the $0.1010 level, it could continue to move down. Initial support on the downside is near the $0.0985 level. The next major support is near the $0.0965 level.
The main support sits at $0.0950. If there is a downside break below the $0.0950 support, the price could decline further. In the stated case, the price might slide toward the $0.0920 level or even $0.090 in the near term.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.
Major Support Levels – $0.0985 and $0.0965.
Major Resistance Levels – $0.1010 and $0.1032.
