Dogecoin is attempting a recovery wave above the $0.150 resistance zone against the US Dollar. DOGE could struggle to clear the $0.170 resistance zone.
- DOGE started a recovery wave from the $0.1280 support zone against the US dollar.
- The price is trading above the $0.1500 level and the 100 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance at $0.170 on the 4-hour chart of the DOGE/USD pair (data source from Kraken).
- The price must settle above $0.170 to move into a positive zone and start a fresh surge.
Dogecoin Price Faces Hurdles
After a major decline, Dogecoin price found support at $0.1280. A low was formed at $0.1283 and DOGE started a decent recovery wave, like Bitcoin and Ethereum. There was a move above the $0.1350 and $0.140 resistance levels.
The price climbed above the 23.6% Fib retracement level of the downward wave from the $0.2093 swing high to the $0.1283 low. However, the bears are still active and protecting more gains. There is also a key bearish trend line forming with resistance at $0.170 on the 4-hour chart of the DOGE/USD pair.
Dogecoin is also below the $0.1650 level and the 100 simple moving average (4 hours). On the upside, the price is facing resistance near the $0.1690 level or the 50% Fib retracement level of the downward wave from the $0.2093 swing high to the $0.1283 low.
Source: DOGEUSD on TradingView.com
The next major resistance is near the $0.170 level. A close above the $0.170 resistance might send the price toward the $0.1880 resistance. The next major resistance is near $0.200. Any more gains might send the price toward the $0.220 level.
Another Decline in DOGE?
If DOGE’s price fails to gain pace above the $0.170 level, it could start another decline. Initial support on the downside is near the $0.1525 level.
The next major support is near the $0.1475 level. If there is a downside break below the $0.1750 support, the price could decline further. In the stated case, the price might decline toward the $0.1280 level.
Technical Indicators
4 Hours MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.
4 Hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major Support Levels – $0.1525, $0.1475 and $0.1280.
Major Resistance Levels – $0.1690, $0.1700, and $0.200.
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