Dogecoin (DOGE) Trapped in a Faint Rebound, Bears Still Rule

Dogecoin has started a recovery wave above the $0.0950 zone against the US dollar. DOGE currently faces headwinds near $0.10 and may struggle to continue to rise.

DOGE price started its recovery wave from $0.090 and rose above $0.0950.
The price is below the $0.0960 level and the 100-hour straightforward moving average.
A key descending channel is forming on the hourly chart of the DOGE/USD pair with support at USD 0.090 (data source from Kraken).
The price may continue to rise if it stays above $0.090.

Dogecoin price hits resistance

Dogecoin price has started a recovery wave from the $0.080 zone, just like Bitcoin and Ethereum. DOGE climbed above the $0.0850 and $0.090 resistance levels.

There was a decent move up above the 50% Fib retracement level while moving down from the high at $0.1100 to the low at $0.0800. However, the bears remained busy near the $0.100 zone. Additionally, a key descending channel is forming on the hourly chart of the DOGE/USD pair with support at the USD 0.090 level.

Dogecoin price is currently trading below the $0.0960 level and the 100-hour straightforward moving average. If another wave of recovery comes, immediate upside resistance will be near the $0.0985 level or the 61.8% Fib retracement level for a downward move from the high of $0.1100 to the low of $0.0800.

The first major resistance for bulls may be near the $0.10 level. The next major resistance is near the $0.1020 level. A close above the $0.1020 resistance could push the price towards the $0.1085 resistance. Any further gains could push the price towards the $0.1120 level. The next major stop for bulls could be $0.1150.

Another DOGE decline?

If the DOGE price does not rise above the $0.10 level, it may continue to decline. Initial downside support is near the $0.09240 level. The next essential support is near the USD 0.090 level.

The main support is located at USD 0.0850. If there is a break below the support at $0.0850, the price may decline further. In this case, the price may move towards the level of USD 0.0820 or even USD 0.0800 in the near future.

Technical indicators

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

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

Major support levels – $0.0924 and $0.0900.

Major resistance levels – $0.0985 and $0.1020.