Dogecoin initiated a recovery wave above the $0.090 area against the US Dollar. DOGE is now facing hurdles near $0.0930 and may struggle to continue rising.
- DOGE price launched a recovery wave from $0.0860 and climbed above $0.090.
- The price is trading above the $0.090 level and the 100 hourly simple moving average.
- An ascending channel is forming with support at $0.0904 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could continue to rise if it stays above $0.090.
Dogecoin price hits resistance
Dogecoin price has triggered a recovery wave from the $0.0860 area, similar to Bitcoin and Ethereum. DOGE climbed above the $0.0880 and $0.090 resistance levels.
There was a decent upward move above the 23.6% Fibonacci retracement level of the downward move from the $0.1043 high to $0.0859 low. However, the bears remained active near the $0.0925 area. Furthermore, an ascending channel is forming with support at $0.0904 on the hourly chart of the DOGE/USD pair.
Dogecoin price is now trading above the $0.090 level and the 100 hourly simple moving average. If there is another wave of recovery, the immediate upside resistance will be near the $0.0930 level.
The first major resistance for the bulls could be near the $0.0950 level or the 50% Fibonacci retracement level of the downward move from the $0.1043 high to $0.0859 low. The next major resistance is near the $0.0972 level. A close above the $0.0972 resistance could send the price towards the $0.1020 resistance. Any further gains could push the price towards the $0.1050 level. The next major stop for the bulls could be $0.1120.
Another drop in DOGE?
If DOGE price fails to rise above the $0.0930 level, it could continue to decline. Initial support on the downside is near the $0.0905 level. The next major support is near the $0.090 level.
The main support lies at $0.0884. If there is a downward break below the $0.0884 support, the price could decline further. In the stated case, the price could slide towards the $0.0860 level or even $0.0835 in the near term.
Technical indicators
Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Key support levels – $0.0900 and $0.0884.
Major resistance levels – $0.0950 and $0.0972.
