Dogecoin (DOGE) needs a break of $0.10 or it faces a fresh move lower

Dogecoin has started a recovery wave above the $0.0940 zone against the US dollar. DOGE currently faces headwinds near $0.0975 and may struggle to continue to rise.

DOGE price started its recovery wave from $0.0925 and rose above $0.0940.
The price is above the $0.0950 level and the 100-hour straightforward moving average.
An upward channel is forming on the hourly chart of the DOGE/USD pair with resistance at USD 0.0970 (data source Kraken).
The price may continue to rise if it stays above $0.0925.

Dogecoin price hits resistance

Dogecoin price has started a recovery wave from the $0.0925 zone, just like Bitcoin and Ethereum. DOGE climbed above the $0.0935 and $0.0942 resistance levels.

There has been a decent upside move above the 23.6% Fib retracement level resulting from a downside move from the high of $0.1021 to the low of $0.0926. However, bears remained energetic near the $0.0970 zone. Additionally, an upward channel is forming on the hourly chart of the DOGE/USD pair with resistance at the level of USD 0.0970.

Dogecoin price is currently trading above the $0.0950 level and the 100-hour straightforward moving average. If the next wave of recovery comes, immediate upside resistance will be near the $0.0970 level. The first major resistance for bulls could be near the $0.0975 level or the 50% Fib retracement level for a move down from the $0.1021 high to the $0.0926 low.

The next major resistance is near the $0.10 level. A close above the $0.10 resistance could push the price towards the $0.1020 resistance. 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 $0.0975 level, it may continue to decline. Initial downside support is near the $0.0950 level. The next vital support is near the USD 0.0932 level.

Major support is located at $0.0925. If there is a break below the support at $0.0925, the price may decline further. In this case, the price may move towards the level of USD 0.090 or even USD 0.0880 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 0.0950 and USD 0.0925.

Major resistance levels – $0.0975 and $0.10.