Dogecoin Price Recovery May Stall: Resistance Levels to Watch
Dogecoin price recovery may stall

Dogecoin price recovery may stall

Dogecoin struggled to recover above the $0.1150 resistance zone against the US Dollar. DOGE is consolidating and could extend losses below $0.100.

  • DOGE price is struggling to break out of the $0.1150 resistance zone.
  • The price is trading below the $0.1080 level and the 100 hourly simple moving average.
  • There is a short-term bearish trend line forming with resistance at $0.1050 on the hourly chart of the DOGE/USD pair (data source is Kraken).
  • To gain bullish momentum, the price needs to settle above $0.1080 and $0.1150.

Dogecoin price drops

After a wave of healthy recovery, Dogecoin price remained below the $0.1150 resistance zone. DOGE formed a high near $0.1141 and started a new decline just like Bitcoin and Ethereum have done recently.

There was a move below the $0.1080 support level. The price dipped below the 50% Fib retracement level of the rise from the swing low of $0.09134 to the high of $0.1141. However, the bulls are currently active close to the $0.100 level.

Dogecoin is currently trading below the $0.1080 level and the 100 hourly simple moving average. It is also above the 61.8% Fib retracement level of the rise from the swing low of $0.09134 to the high of $0.1141.

In case of a fresh upswing, the price might face resistance near $0.1050. Also, a short-term bearish trend line is forming with resistance at $0.1050 on the hourly chart of the DOGE/USD pair. The next major resistance is near $0.1080.

Dogecoin Price
sauce: DOGEUSD on TradingView.com

A close or settlement above the $0.1080 resistance can push the price towards the $0.1150 resistance. A further upswing can see the price move towards the $0.1250 levels. The next major stop for the bulls could be at $0.1320.

Does DOGE have further drawbacks?

If the price of DOGE fails to rise above the $0.1150 level, it may continue to fall. The first support on the downside is near the $0.100 level.

The next major support is near the $0.0950 level. If the price breaks below the $0.0920 support, it can drop further. In this case, the price can fall to the $0.0850 levels.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is currently gaining momentum in the bearish zone.

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

Key support levels – $0.100, $0.0950, $0.0850.

Key resistance levels – $0.1050, $0.1080, $0.1150.

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