Dogecoin has started a recovery wave above the $0.10 zone against the US dollar. DOGE currently faces headwinds near $0.1065 and may struggle to continue to rise.
- DOGE price started a recovery wave from $0.095 and rose above $0.10.
- The price is below the $0.110 level and the 100-hour elementary moving average.
- On the hourly chart, the DOGE/USD pair broke above the bearish trend line with resistance at USD 0.1060 (data source Kraken).
- The price may continue to rise if it stays above $0.10.
Dogecoin price faces resistance
Dogecoin price started a recovery wave from the USD 0.0950 zone, beating Bitcoin and Ethereum. DOGE climbed above the $0.10 and $0.1050 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 $0.1185 to the low of $0.0948. Additionally, there was a break above the bearish trend line with resistance at USD 0.1060 on the hourly chart of the DOGE/USD pair.
However, bears are energetic near the $0.1065 level and 50% Fib retracement level while moving down from the $0.1185 high to the $0.0948 low. Dogecoin price is currently trading below the $0.1065 level and the 100-hour elementary moving average.
If the next wave of recovery comes, immediate upside resistance will be near the $0.1060 level. The first major resistance for bulls may be near the $0.1065 level. The next major resistance is near the $0.1120 level. A close above the $0.1120 resistance could push the price towards the $0.1185 resistance. Any further gains could push the price towards the $0.120 level. The next major stop for bulls could be $0.1250.
Another DOGE decline?
If the DOGE price does not rise above the $0.1065 level, it may continue to decline. Initial downside support is near the $0.10 level. The next critical support is near the USD 0.0980 level.
The main support is located at USD 0.0950. If there is a break below the support at $0.0950, the price may decline further. In this case, the price may move towards the level of USD 0.0880 or even USD 0.0850 in the near future.
Technical indicators
Hourly MACD – The MACD for DOGE/USD is currently gaining momentum in a bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is currently below the 50 level.
Main support levels – USD 0.1000 and USD 0.0950.
Major resistance levels – $0.1065 and $0.1120.
