Dogecoin has initiated a recovery wave from the $0.0888 zone against the US Dollar. With momentum building, DOGE is rising and might even surpass the $0.100 resistance zone.
- DOGE price is aiming for a fresh increase 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 source from Kraken).
- The price could gain bullish momentum if it clears the $0.0980 and $0.100 levels.
Dogecoin Price Eyes Sustained Gains
After experiencing a significant decline, Dogecoin price found support near the $0.0888 zone. The price established a base and recently started a recovery wave, similar to trends seen in Bitcoin and Ethereum. There was a noteworthy move above the $0.0920 and $0.0935 resistance levels.
The price managed to clear the 50% Fibonacci retracement level of the downward move from the $0.0994 swing high to the $0.0889 low. Additionally, there was a break above a connecting bearish trend line with resistance at $0.0955 on the hourly chart of the DOGE/USD pair.
Currently, Dogecoin price is trading above the $0.0950 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.0970 level, which aligns with the 76.4% Fibonacci retracement level of the downward move from the $0.0994 swing high to the $0.0889 low.
The next significant resistance is near the $0.0995 level. A close above this resistance might propel the price towards the $0.1050 resistance. Further gains could push the price towards the $0.1150 level, with the next major target for the bulls being $0.1200.
Another Decline In DOGE?
If DOGE’s price fails to climb above the $0.0995 level, it could face another decline. Initial support on the downside is near the $0.0938 level, with the next major support near the $0.0900 level.
The main support sits at $0.0880. A downside break below this support could lead to further declines. In such a scenario, the price might drop towards the $0.0850 level or even the $0.0835 level 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.
- Major Resistance Levels: $0.0995 and $0.1050.
