Dogecoin (DOGE) Attempts Rebound—Will Recovery Gain Momentum?
Dogecoin started a fresh decline below the $0.2150 zone against the US Dollar. DOGE tested $0.1820 and is now consolidating below the $0.2150 resistance.
- DOGE price started a fresh decline below the $0.2150 and $0.2100 levels.
- The price is trading below the $0.2100 level and the 100-hourly simple moving average.
- There was a break above a connecting bearish trend line with resistance at $0.1900 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could start a recovery if it clears the $0.2050 and $0.2120 resistance levels.
Dogecoin Price Eyes Recovery
Dogecoin price started a fresh decline below the $0.2150 zone, like Bitcoin and Ethereum . DOGE dipped below the $0.2050 and $0.200 support levels. It even spiked below $0.1880.
A low was formed at $0.1826 and the price is now consolidating losses. There was a move above the $0.1950 level. The bulls pushed the price above the 23.6% Fib retracement level of the downward move from the $0.2421 swing high to the $0.1826 low.
There was also a break above a connecting bearish trend line with resistance at $0.1900 on the hourly chart of the DOGE/USD pair. Dogecoin price is now trading below the $0.2150 level and the 100-hourly simple moving average.
Immediate resistance on the upside is near the $0.2050 level. The first major resistance for the bulls could be near the $0.2120 level and the 50% Fib retracement level of the downward move from the $0.2421 swing high to the $0.1826 low.
Source: DOGEUSD on TradingView.comThe next major resistance is near the $0.2195 level. A close above the $0.2195 resistance might send the price toward the $0.2220 resistance. Any more gains might send the price toward the $0.2350 level. The next major stop for the bulls might be $0.2420.
Another Decline In DOGE?
If DOGE’s price fails to climb above the $0.2050 level, it could start another decline. Initial support on the downside is near the $0.1950 level. The next major support is near the $0.1920 level.
The main support sits at $0.1820. If there is a downside break below the $0.1820 support, the price could decline further. In the stated case, the price might decline toward the $0.1740 level or even $0.1650 in the near term.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major Support Levels – $0.1950 and $0.1820.
Major Resistance Levels – $0.2050 and $0.2120.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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