Dogecoin has started a recovery wave above the $0.0980 zone against the US dollar. DOGE currently faces headwinds near $0.1010 and may struggle to continue to rise.
- DOGE price started its recovery wave from $0.0965 and rose above $0.0990.
- The price is below the $0.10 level and the 100-hour elementary moving average.
- A bearish trend line is forming on the hourly chart of the DOGE/USD pair with resistance at USD 0.1010 (data source from Kraken).
- The price may continue to rise if it stays above $0.1010.
Dogecoin price faces resistance
Dogecoin price has started a recovery wave from the $0.0965 zone, just like Bitcoin and Ethereum. DOGE climbed above the $0.0980 and $0.0988 resistance levels.
There has been a decent upside move above the 38.2% Fib retracement level resulting from a downside move from the high of $0.1031 to the low of $0.0964. However, the price remained around $0.10. A bearish trend line is also forming on the hourly chart of the DOGE/USD pair with resistance at $0.1010.
Dogecoin price is currently trading below the $0.10 level and the 100-hour elementary moving average. If another wave of recovery comes, immediate upside resistance will be near the $0.1005 level or the 61.8% Fib retracement level for a downward move from the swing high at $0.1031 to the low at $0.0964.
The first major resistance for bulls may be near the $0.1010 level. The next major resistance is near the $0.1032 level. A close above the resistance at $0.1032 could push the price towards the resistance at $0.1050. Any further gains could push the price towards the $0.1065 level. The next major stop for bulls could be $0.1120.
Another DOGE decline?
If the DOGE price does not rise above the $0.1010 level, it may continue to decline. Initial downside support is near the $0.0985 level. The next crucial support is near the USD 0.0965 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 slide towards the level of USD 0.0920 or even USD 0.090 in the near future.
Technical indicators
Hourly MACD – The MACD for DOGE/USD is currently gaining momentum in a bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is currently below the 50 level.
Major support levels – $0.0985 and $0.0965.
Major resistance levels – $0.1010 and $0.1032.
