Dogecoin has started a recovery wave above the $0.1050 zone against the US dollar. DOGE currently faces headwinds near $0.1120 and may struggle to continue to rise.
- DOGE price started its recovery wave from $0.095 and rose above $0.1050.
- The price is above the $0.1060 level and the 100-hour plain moving average.
- A key upward channel is forming on the hourly chart of the DOGE/USD pair with support at USD 0.1035 (data source Kraken).
- The price may continue to rise if it stays above $0.1020.
Dogecoin price has a higher purpose
Dogecoin price started a recovery wave from the USD 0.0950 zone, beating Bitcoin and Ethereum. DOGE climbed above the $0.1020 and $0.1050 resistance levels.
There was a decent move up above the 50% Fib retracement level while moving down from the high at $0.1185 to the low at $0.0950. Additionally, a key upward channel is forming on the hourly chart of the DOGE/USD pair with support at USD 0.1035.
Dogecoin price is currently trading above the $0.1060 level and the 100-hour plain moving average. If another wave of recovery comes, immediate upside resistance will be near the $0.1095 level or the 61.8% Fib retracement level for a downward move from the $0.1185 swing high to the $0.0950 low.
The first major resistance for bulls may be near the $0.1120 level. The next major resistance is near the $0.1145 level. A close above the resistance at $0.1145 could push the price towards the resistance at $0.1185. Any further gains could push the price towards the $0.120 level. The next major stop for bulls could be $0.1250.
Another DOGE decline?
If the DOGE price does not rise above the $0.1120 level, it may continue to decline. Initial downside support is near the $0.1040 level. The next vital support is near the $0.10 level.
The main support is located at USD 0.0950. If there is a break below the support at $0.0950, the price may decline further. In this case, the price may move towards the level of USD 0.0880 or even USD 0.0850 in the near future.
Technical indicators
Hourly MACD – The MACD for DOGE/USD is currently gaining 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 0.1040 and USD 0.1000.
Major resistance levels – $0.1095 and $0.1120.
