Dogecoin started a recovery wave from the $0.0888 zone against the US Dollar. DOGE is moving higher and it might even surpass the $0.100 resistance zone.
- DOGE price eyes fresh surge above $0.100.
- The price is trading above the $0.0950 level and the 100 hourly simple moving average.
- There was a break above a connecting bearish trend line with resistance at $0.0955 on the hourly chart of the DOGE/USD pair (data feed from Kraken).
- The price could gain bullish momentum if it breaks the $0.0980 and $0.100 levels.
Dogecoin price eyes sustained gains
After a significant decline, Dogecoin price found support near the $0.0888 zone. The price formed a base and recently started a recovery wave as Bitcoin and EthereumThere was a move above the resistance levels of $0.0920 and $0.0935.
The price broke above the 50% Fibonacci retracement level of the downward move from the $0.0994 high to $0.0889 low. There was also a break above a connecting bearish trend line with resistance at $0.0955 on the hourly chart of the DOGE/USD pair.
Dogecoin price is now trading above the $0.0950 level and the 100 hourly simple moving average. The immediate resistance on the upside is near the $0.0970 level or the 76.4% Fib retracement level of the downward move from the $0.0994 high to $0.0889 low.
The next major resistance is near the $0.0995 level. A close above the $0.0995 resistance could send the price towards the $0.1050 resistance. Any further gains could send the price towards the $0.1150 level. The next major stop for the bulls could be $0.1200.
Another drop for DOGE?
If DOGE price fails to clear the $0.0995 level, it could start another decline. The initial support on the downside is near the $0.0938 level. The next major support is near the $0.0900 level.
The main support is located at $0.0880. If there is a downside break below the $0.0880 support, the price could decline further. In the stated case, the price could drop towards the $0.0850 level or even $0.0835 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: $0.0938 and $0.0900.
Main resistance levels: $0.0995 and $0.1050.
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.