Dogecoin is recovering from $0.1220 against the US Dollar. DOGE must overcome the $0.1650 resistance to start another rise towards $0.200.
- DOGE fell sharply and tested the $0.1220 support against the US Dollar.
- The price is trading below the $0.1650 level and the 100 simple moving average (4-hours).
- There was a break above a downtrend line with resistance at $0.1310 on the 4-hour chart of the DOGE/USD pair (data source from Kraken).
- The price may gain bullish momentum if it overcomes the $0.1600 and $0.1650 resistance levels.
Dogecoin price recovers more than 15%
After a sharp decline, Dogecoin price found support near the $0.1220 zone. A low was formed at $0.1228 and DOGE recently started a decent recovery wave, as Bitcoin It is Ethereum.
There was a steady rise above the $0.1320 and $0.1350 resistance levels. The price surpassed the 23.6% Fibonacci retracement level of the downward move from the $0.1927 high to $0.1228 low. There was also a break above a downtrend line with resistance at $0.1310 on the 4-hour chart of the DOGE/USD pair.
Dogecoin is still trading below the $0.160 level and the 100 simple moving average (4-hours). On the upside, the price is facing resistance near the $0.1580 level or the 50% Fibonacci retracement level of the downward movement from the $0.1927 swing high to $0.1228 low.
Source: DOGEUSD on TradingView.com
The next major resistance is near the $0.1650 level. A close above the $0.1650 resistance could send the price towards the $0.1850 resistance. The next major resistance is near $0.200. Any further gains could send the price towards the $0.220 level.
Another decline in DOGE?
If DOGE price fails to gain pace above the $0.160 level, it could begin another decline. Initial downside support is near the $0.1450 level.
The next major support is near the $0.130 level. If there is a break below the $0.130 support, the price could fall further. In the stated case, the price may fall towards the $0.1150 level.
Technical Indicators
4-hour MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Key support levels – $0.1450, $0.130 and $0.1150.
Main resistance levels – $0.1580, $0.160 and $0.1650.
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