Dogecoin started a wave of recovery from the $0.090 zone against the USD. DOGE is currently facing barriers near $0.0930 and may struggle to continue higher.
- DOGE price started a recovery wave at $0.0860 and rose above $0.090.
- The price is trading above the $0.090 level and the 100-hour simple moving average.
- On the hourly chart of the DOGE/USD pair, an ascending channel is forming with support at $0.0904 (data source from Kraken).
- If it stays above $0.090, the price could go higher.
Dogecoin price hits resistance
Dogecoin price started a wave of recovery from the $0.0860 area like Bitcoin and Ethereum. DOGE rose above the $0.0880 and $0.090 resistance levels.
There was a nice move up at the 23.6% fib retracement level with a move down from $0.1043 to $0.0859. However, the bears were active near the $0.0925 area. Furthermore, an ascending channel is forming with support at $0.0904 on the hourly chart of the DOGE/USD pair.
Dogecoin price is now above the $0.090 level and above the 100-hour simple moving average. If there is another wave of recovery, the immediate resistance above is near the $0.0930 level.
The first major resistance for the bulls could be near the $0.0950 level or the 50% Fib retracement level of the move down from $0.1043 to $0.0859. The next major resistance is near the $0.0972 level. A close above the $0.0972 resistance could send the price to the $0.1020 resistance. Any further gains could send the price to the $0.1050 level. The next major bull stop could be $0.1120.
Another cut in DOGE?
If the DOGE price does not break above the $0.0930 level, it may continue to decline. Initial support on the downside is near the $0.0905 level. The next major support is near the $0.090 level.
Key support sits at $0.0884. If there is a negative break below the $0.0884 support, the price may decline further. In this case, the price may slide to $0.0860 or even $0.0835 in the near future.
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 above the 50 level.
The main support levels are $0.0900 and $0.0884.
The main resistance levels are $0.0950 and $0.0972.
