Dogecoin is recovering losses from the $0.1020 zone against the US Dollar. DOGE is now showing positive signs and might clear the $0.1165 resistance.
- DOGE price started a fresh increase above the $0.1100 resistance level.
- The price is trading above the $0.1120 level and the 100-hourly simple moving average.
- There was a break above a major bearish trend line with resistance at $0.1100 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could gain bullish momentum if it clears the $0.1165 and $0.1180 resistance levels.
Dogecoin Price Starts Recovery
Dogecoin price declined toward the $0.100 support. DOGE traded as low as $0.1012 and recently started a fresh increase like Bitcoin and Ethereum. There was a move above the $0.1060 and $0.1080 resistance levels.
The price surpassed the $0.1120 resistance level. There was a break above a major bearish trend line with resistance at $0.1100 on the hourly chart of the DOGE/USD pair. It traded above the 23.6% Fib retracement level of the downward wave from the $0.1320 swing high to the $0.1012 low.
Dogecoin price is now trading above the $0.1120 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.1165 level. It is close to the 50% Fib retracement level of the downward wave from the $0.1320 swing high to the $0.1012 low.
The next major resistance is near the $0.1180 level. A close above the $0.1180 resistance might send the price toward the $0.1240 resistance. Any more gains might send the price toward the $0.1265 level. The next major stop for the bulls might be $0.1320.
Another Decline In DOGE?
If DOGE’s price fails to climb above the $0.1165 level, it could start another decline. Initial support on the downside is near the $0.1120 level. The next major support is near the $0.1100 level.
The main support sits at $0.1080. If there is a downside break below the $0.1080 support, the price could decline further. In the stated case, the price might decline toward the $0.1020 level or even $0.0980 in the near term.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major Support Levels – $0.1120 and $0.1080.
Major Resistance Levels – $0.1165 and $0.1240.
Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.