Dogecoin fell to support at $0.2620 against the US Dollar. DOGE is now taking losses and may gain strength if it clears the $0.3350 resistance.
- DOGE price started a wave of recovery above the $0.30 level.
- The price is trading above the $0.320 level and the 100-hour simple moving average.
- There was a break above the connecting bearish line corresponding to the $0.3120 resistance on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price may gain momentum if it clears the resistance levels of $0.3350 and $0.350.
Dogecoin Price Returns to Base
Dogecoin price started a new low from above $0.3550 like Bitcoin and Ethereum. DOGE traded below $0.3350 with support levels at $0.320. It even dropped below $0.280.
A low was formed at $0.2613 and the price is now recovering losses. It regained points and rose above $0.300. It tested the 23.6% Fib retracement level to the downside from the $0.4095 swing high to the $0.2613 low.
There was a break above the bearish line connecting resistance at $0.3120 on the hourly chart of the DOGE/USD pair. Dogecoin price is now trading above the $0,320 level and the 100-hour simple moving average.
The immediate resistance on the upside is near the $0.3350 level. The first major resistance for the bulls could be near the $0.3520 level or the 61.8% Fib retracement level of the downside from the $0.4095 swing high to the $0.2613 low.
The next major resistance is near the $0.3750 level. A close above the $0.3750 resistance could send the price to the $0.3880 resistance. Any further gains could send the price to the $0.40 level. The next big stop for the bulls would be $0.4120.
Another Refusal to DOGE?
If the price of DOGE fails to rise above the $0.3350 level, it may start another decline. The first support on the downside is near the $0.30 level. The next major support is near the $0.2850 level.
Key support remains at $0.2620. If there is a break below the support of $0.2620, the price may fall further. In the mentioned scenario, the price may drop to the level of $0.250 or even $0.2320 in the near term.
Technical References
Hourly MACD – The DOGE/USD MACD is now gaining momentum in bullish territory.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major Support Levels – $0.3000 and $0.2850.
Major Resistance Levels – $0.3350 and $0.3500.
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