Dogecoin is experiencing losses in the area of $0.1020 against the US Dollar. DOGE is now showing positive signs and may clear the resistance at $0.1165.
- DOGE price started a new uptrend above the resistance level of $0.1100.
- The price is trading above the $0.1120 level and the 100-hour simple moving average.
- There was a break above the bearish bearish line against $0.1100 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price can gain bullish momentum if it clears the resistance levels of $0.1165 and $0.1180.
Dogecoin Price Begins Recovery
Dogecoin price dropped to $0.100 support. DOGE traded as low as $0.1012 and recently started a new rise like Bitcoin and Ethereum. There was a move above the $0.1060 and $0.1080 resistance levels.
The price crossed the resistance level of $0.1120. There was a break above the bearish support line against $0.1100 on the DOGE/USD hourly chart. It traded above the 23.6% Fib retracement level of the bearish 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-hour simple moving average. The immediate resistance on the upside is near the $0.1165 level. It is near 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 could send the price to the $0.1240 resistance. Any further gains could send the price to the $0.1265 level. The next big stop for the bulls would be $0.1320.
Another Refusal to DOGE?
If the price of DOGE fails to rise above the level of $0.1165, it may start another decline. The first support on the downside is near the $0.1120 level. The next major support is near the $0.1100 level.
Key support remains at $0.1080. If there is a break below the support of $0.1080, the price may fall further. In the mentioned scenario, the price may drop to the level of $0.1020 or even $0.0980 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 – $0.1120 and $0.1080.
Major Resistance Levels – $0.1165 and $0.1240.