Dogecoin initiated a recovery wave above the $0.1050 area against the US Dollar. DOGE is now facing hurdles near $0.1120 and may struggle to continue rising.
- DOGE price started a recovery wave from $0.095 and climbed above $0.1050.
- The price is trading above the $0.1060 level and the 100 hourly simple moving average.
- A key bullish channel is forming with support at $0.1035 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could continue to rise if it stays above $0.1020.
Dogecoin price aims higher
Dogecoin price triggered a rally from the $0.0950 area, beating Bitcoin and Ethereum. DOGE climbed above the $0.1020 and $0.1050 resistance levels.
There was a decent upward move above the 50% Fibonacci retracement level of the downward move from the $0.1185 high to $0.0950 low. Furthermore, a key bullish channel is forming with support at $0.1035 on the hourly chart of the DOGE/USD pair.
Dogecoin price is now trading above the $0.1060 level and the 100 hourly simple moving average. If there is another wave of recovery, the immediate upside resistance is near the $0.1095 level or the 61.8% Fibonacci retracement level of the downward move from the $0.1185 high to $0.0950 low.
The first major resistance for the bulls could be near the $0.1120 level. The next major resistance is near the $0.1145 level. A close above the $0.1145 resistance could send the price towards the $0.1185 resistance. Any further gains could push the price towards the $0.120 level. The next major stop for the bulls could be $0.1250.
Another drop in DOGE?
If DOGE price fails to rise above the $0.1120 level, it could continue to decline. Initial support on the downside is near the $0.1040 level. The next major support is near the $0.10 level.
The main support lies at $0.0950. If there is a downward break below the $0.0950 support, the price could decline further. In the stated case, the price could slide towards the $0.0880 level or even $0.0850 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.
Key support levels – $0.1040 and $0.1000.
Major resistance levels – $0.1095 and $0.1120.
