Dogecoin has started a recovery wave above the $0.1420 zone against the US dollar. DOGE currently faces headwinds near $0.1540 and may have difficulty continuing to rise.
- DOGE price started a decent upward move above USD 0.140 and USD 0.1420.
- The price is above the $0.1450 level and the 100-hour basic moving average.
- A bearish trend line is forming on the hourly chart of the DOGE/USD pair with resistance at USD 0.1530 (data source Kraken).
- The price may escalate losses if it stays below $0.1530 and $0.1540.
Dogecoin price faces headwinds
Dogecoin price has started a recovery wave from the $0.1330 zone, just like Bitcoin and Ethereum. DOGE climbed above the $0.1320 and $0.140 resistance levels.
There has been a decent move up above the 50% Fib retracement level in a move down from the high of $0.1593 to the low of $0.1330. However, bears seem to be vigorous near the $0.1530 and $0.1540 levels. Additionally, a bearish trend line is forming on the hourly chart of the DOGE/USD pair with resistance at USD 0.1530.
Dogecoin price is currently trading above the $0.150 level and the 100-hour basic moving average. If there is a recovery wave, immediate upside resistance will be near the $0.1530 level. The first major resistance for bulls could be near the $0.1540 level, the trend line and the 76.4% Fib retracement level for a move down from the high of $0.1593 to the low of $0.1330.
The next major resistance is near the $0.1590 level. A close above the resistance at $0.1590 could push the price towards the resistance at $0.1650. Any further increases could push the price towards the $0.1720 level. The next major stop for bulls could be $0.180.
Another DOGE decline?
If the DOGE price does not rise above the $0.1540 level, it may continue to decline. Initial downside support is near the $0.1460 level. The next essential support is near the USD 0.1420 level.
The main support is located at USD 0.1330. If there is a break below the support at $0.1330, the price may decline further. In this case, the price may slide towards the level of USD 0.120 or even USD 0.1120 in the near future.
Technical indicators
Hourly MACD – The MACD for DOGE/USD is currently losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is currently above the 50 level.
Major support levels – USD 0.1460 and USD 0.1420.
Major resistance levels – USD 0.1540 and USD 0.1590.
