Dogecoin started a wave of recovery from the $0.0925 area against the USD. DOGE is currently facing barriers near $0.0970 and may struggle to continue higher.
- DOGE price started a recovery wave from $0.0880 and rose above $0.0950.
- The price is trading above the $0.0955 level and the 100-hour simple moving average.
- On the hourly chart of the DOGE/USD pair, a contracting triangle is forming with support at $0.0920 (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 $0.0880 area like Bitcoin and Ethereum. DOGE broke above the $0.090 and $0.0920 resistance levels.
There was a nice move up towards the 50% Fib retracement level on the move down from $0.1061 to $0.0877. However, the bears were active near the $0.0970 area. Furthermore, a contract triangle is forming with support at $0.0920 on the hourly chart of the DOGE/USD pair.
Dogecoin price is currently trading below the $0.0955 level and the 100 hourly simple moving average. If there is another wave of recovery, the immediate resistance above is near 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 move down from $0.1061 to $0.0877. The next major resistance is near the $0.1020 level. A close above the $0.1020 resistance could send the price to the $0.1085 resistance. Any further gains could send the price to the $0.1120 level. The next major bull stop could be $0.1150.
Another cut in DOGE?
If the DOGE price does not break above the $0.0970 level, it may continue to decline. Initial support on the downside is near the $0.0920 level. The next major support is near the $0.090 level.
Key support sits at $0.0875. If there is a negative break below the $0.0875 support, the price may fall further. In the mentioned case, the price may slip to the level of $0.0820 or even $0.0800 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 currently below the 50 level.
The main support levels are $0.0920 and $0.0900.
The main resistance levels are $0.0970 and $0.0990.
