Dogecoin has started a recovery wave above the $0.0820 zone against the US dollar. DOGE currently faces headwinds near $0.090 and may struggle to continue to rise.
- DOGE price started the recovery wave from USD 0.0775 and rose above USD 0.0820.
- The price is below the $0.0820 level and the 100-hour plain moving average.
- On the hourly chart, the DOGE/USD pair broke out above the bearish trend line with resistance at USD 0.0820 (data source Kraken).
- The price may continue to rise if it stays above $0.090.
Dogecoin price faces resistance
Dogecoin price has started a recovery wave from the $0.0775 zone, just like Bitcoin and Ethereum. DOGE climbed above the $0.080 and $0.0820 resistance levels.
On the hourly chart of the DOGE/USD pair, there was a break above the bearish trend line with resistance at USD 0.0820. There has been a decent upside move above the 23.6% Fib retracement level resulting from a downside move from the high of $0.1008 to the low of $0.0776.
Dogecoin price is currently trading above the $0.0820 level and the 100-hour plain moving average. If the next wave of recovery comes, immediate upside resistance will be near the $0.0865 level.
The first major resistance for bulls could be near the $0.090 level or the 50% Fib retracement level for a move down from the high at $0.1008 to the low at $0.0776. The next major resistance is near the $0.0920 level. A close above the resistance at $0.0920 could push the price towards the resistance at $0.10. Any further gains could push the price towards the $0.1035 level. The next major stop for bulls could be $0.1050.
Another DOGE decline?
If the DOGE price does not rise above the $0.090 level, it may continue to decline. Initial downside support is near the $0.0840 level. The next significant support is near the USD 0.0820 level.
The main support is located at USD 0.0820. If there is a break below the support at $0.0820, the price may decline further. In this case, the price may slide towards the level of USD 0.0775 or even USD 0.0750 in the near future.
Technical indicators
Hourly MACD – The MACD for DOGE/USD is currently gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is currently above the 50 level.
Major support levels – USD 0.0820 and USD 0.080.
Major resistance levels – $0.090 and $0.0920.
