Positive indicators are emerging for Dogecoin (DOGE), but the recovery is still breakable

Dogecoin has started a recovery wave above the $0.120 zone against the US dollar. DOGE currently faces headwinds near $0.1280 and may struggle to continue to rise.

DOGE price started a recovery wave from $0.1150 and rose above $0.120.
The price is below the $0.130 level and the 100-hour plain moving average.
There has been a break above the key bearish trend line with resistance at $0.1240 on the hourly chart of DOGE/USD (data source Kraken).
The price may continue to rise if it stays above $0.120.

Dogecoin price faces resistance

Dogecoin price has started a recovery wave from the $0.1150 zone, just like Bitcoin and Ethereum. DOGE climbed above the $0.1180 and $0.120 resistance levels.

There has been a decent upside move above the 23.6% Fib retracement level resulting from a downside move from the high of $0.1512 to the low of $0.1154. Additionally, there was a break above the key bearish trend line with resistance at $0.1240 on the hourly chart of the DOGE/USD pair.

Dogecoin price is currently trading below the $0.130 level and the 100-hour plain moving average. If there is a recovery wave, immediate upside resistance will be near the $0.1260 level. The first major resistance for bulls may be near the $0.1285 level.

The next major resistance is located near the $0.1330 level and the 50% Fib retracement level, which is a downward move from the high of $0.1512 to the low of $0.1154. A close above the $0.1330 resistance could push the price towards the $0.1420 resistance. Any further gains could push the price towards the $0.150 level. The next major stop for bulls could be $0.1550.

Another DOGE decline?

If the DOGE price does not rise above the $0.1280 level, it may continue to decline. Initial downside support is near the $0.1230 level. The next vital support is near the $0.120 level.

The main support is located at USD 0.1150. If there is a break below the support at $0.1150, the price may decline further. In this case, the price may slide towards the level of USD 0.1080 or even USD 0.1050 in the near future.

Technical indicators

Hourly MACD – The MACD for DOGE/USD is currently losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is currently above the 50 level.

Major support levels – USD 0.1200 and USD 0.1150.

Major resistance levels – $0.1280 and $0.1330.