Dogecoin is making strides in recovering from its recent losses against the US Dollar, particularly from the $0.1020 zone. With positive indicators emerging, DOGE is showing potential to surpass the critical $0.1165 resistance level. This analysis will delve into the recent price movements and explore the possibilities of further upward momentum.
- DOGE’s price has initiated a fresh upward trajectory, breaking past the $0.1100 resistance level.
- The current trading position is above the $0.1120 mark, aligned with the 100-hourly simple moving average.
- A significant break was observed above a major bearish trend line, with resistance pegged at $0.1100 on the hourly DOGE/USD chart, sourced from Kraken.
- Clearing the $0.1165 and $0.1180 resistance levels could potentially boost DOGE’s bullish momentum.
Dogecoin Price Starts Recovery
Recently, Dogecoin’s price experienced a decline, touching down to support near the $0.100 level. DOGE hit a low point at $0.1012 but has since initiated a fresh upward movement, mirroring the trends seen in Bitcoin and Ethereum. The recovery journey saw DOGE overcoming the resistance barriers at $0.1060 and $0.1080.
The price has successfully crossed the $0.1120 resistance level. Furthermore, a break above a crucial bearish trend line was evident, with resistance noted at $0.1100 on the hourly DOGE/USD chart. This upward movement also breached the 23.6% Fibonacci retracement level of the downward trend from the $0.1320 swing high to the $0.1012 low.
Presently, Dogecoin is trading above the $0.1120 threshold, supported by the 100-hourly simple moving average. The immediate resistance it faces is around the $0.1165 level, coinciding with the 50% Fibonacci retracement level of the downward wave from the $0.1320 peak to the $0.1012 trough.
Looking ahead, a significant resistance is anticipated near the $0.1180 level. Successfully closing above this resistance could propel the price towards the $0.1240 level. Further gains are likely to target the $0.1265 level, with the next major bullish target looming at $0.1320.
Could DOGE Face Another Decline?
If Dogecoin fails to breach the $0.1165 resistance level, a potential downturn could be on the horizon. Initial downside support is positioned near the $0.1120 level. Following this, the next substantial support is expected around the $0.1100 level.
The primary support is anchored at $0.1080. Should a downward break occur below this point, further declines could ensue, potentially dragging the price down towards the $0.1020 level, or even as low as $0.0980 in the near future.
Technical Indicators
Hourly MACD
The MACD for DOGE/USD is gaining momentum within the bullish zone, indicating potential upward movement.
Hourly RSI (Relative Strength Index)
The RSI for DOGE/USD is currently positioned above the 50 level, reinforcing the bullish sentiment.
Major Support Levels
The key support levels are identified at $0.1120 and $0.1080.
Major Resistance Levels
The critical resistance levels lie at $0.1165 and $0.1240.
