Dogecoin dived towards the $0.2620 support against the US dollar. DOGE is currently recovering and could gain strength if it breaks through the resistance at $0.3350.
- DOGE price has started a recovery wave above the USD 0.30 level.
- The price is above the $0.320 level and the 100-hour plain moving average.
- On the hourly chart, DOGE/USD has broken above the converging bearish trendline with resistance at $0.3120 (Kraken data source).
- The price may gain momentum if it breaks the $0.3350 and $0.350 resistance levels.
Dogecoin price is regaining ground
Dogecoin price started a recent decline well above $0.3550, similar to Bitcoin and Ethereum. DOGE was trading below the $0.3350 and $0.320 support levels. It even jumped below $0.280.
The bottom was formed at USD 0.2613 and the price is currently recovering. It recovered a few points and climbed above $0.300. The 23.6% Fib retracement level was tested for a move down from the high of $0.4095 to the low of $0.2613.
On the hourly chart, DOGE/USD has broken above the converging bearish trend line with resistance at $0.3120. Dogecoin price is currently trading above the $0.320 level and the 100-hour plain moving average.
Immediate upside resistance is located near the $0.3350 level. The first major resistance for bulls could be near the $0.3520 level or the 61.8% Fib retracement level for a downward move from the high at $0.4095 to the low at $0.2613.
The next major resistance is near the $0.3750 level. A close above the resistance at $0.3750 could push the price towards the resistance at $0.3880. Any further gains could push the price towards the $0.40 level. The next major stop for bulls could be $0.4120.
Another DOGE drop?
If the DOGE price does not rise above the $0.3350 level, another decline could begin. Initial downside support is near the $0.30 level. The next significant support is near the USD 0.2850 level.
The main support is located at USD 0.2620. If there is a break below the support at $0.2620, the price may decline further. In this case, the price may drop towards USD 0.250 or even USD 0.2320 in the tiny term.
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 0.3000 and USD 0.2850.
Major resistance levels – USD 0.3350 and USD 0.3500.
