Dogecoin (DOGE) Bounce Weakens, Downtrend Risks Return Quickly
Dogecoin started a recovery wave above the $0.090 zone against the US Dollar. DOGE is now facing hurdles near $0.0930 and might struggle to continue higher.
- DOGE price started a recovery wave from $0.0860 and climbed above $0.090.
- The price is trading above the $0.090 level and the 100-hourly simple moving average.
- There is a rising channel forming with support at $0.0904 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could continue to move up if it stays above $0.090.
Dogecoin Price Hits Resistance
Dogecoin price started a recovery wave from the $0.0860 zone, like Bitcoin and Ethereum. DOGE climbed above the $0.0880 and $0.090 resistance levels.
There was a decent upward move above the 23.6% Fib retracement level of the downward move from the $0.1043 swing high to the $0.0859 low. However, the bears remained active near the $0.0925 zone. Besides, there is a rising channel forming with support at $0.0904 on the hourly chart of the DOGE/USD pair.
Dogecoin price is now trading above the $0.090 level and the 100-hourly simple moving average. If there is another recovery wave, immediate resistance on the upside 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 downward move from the $0.1043 swing high to the $0.0859 low. The next major resistance is near the $0.0972 level. A close above the $0.0972 resistance might send the price toward the $0.1020 resistance. Any more gains might send the price toward the $0.1050 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 $0.0930 level, it could continue to move down. Initial support on the downside is near the $0.0905 level. The next major support is near the $0.090 level.
The main support sits at $0.0884. If there is a downside break below the $0.0884 support, the price could decline further. In the stated case, the price might slide toward the $0.0860 level or even $0.0835 in the near term.
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.
Major Support Levels – $0.0900 and $0.0884.
Major Resistance Levels – $0.0950 and $0.0972.
Post Comment