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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.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
