Dogecoin (DOGE) Hints at Revival: Can It Defy The Odds?
Dogecoin fell towards the $0.2620 support against the US Dollar. DOGE is currently recovering losses and could gain traction if it breaks the $0.3350 resistance.
- DOGE price started a recovery wave above $0.30.
- The price is trading above the $0.320 level and the 100 hourly simple moving average.
- There is a break above the connecting bearish trend line with resistance at $0.3120 on the hourly chart of the DOGE/USD pair (data source: Kraken).
- The price is likely to gain momentum if it breaks the $0.3350 and $0.350 resistance levels.
Dogecoin price rebounds
Dogecoin price starts a fresh decline from well above $0.3550, e.g. Bitcoin and Ethereum. DOGE is trading below the $0.3350 and $0.320 support levels. It even surged below $0.280.
A low was formed at $0.2613 and the price is now recovering losses. It recovered some points and climbed above $0.300. It tested the 23.6% Fib retracement level of the downward move from the $0.4095 swing high to $0.2613 low.
There was a break above the connecting bearish trend line with resistance at $0.3120 on the hourly chart of the DOGE/USD pair. Dogecoin price is currently trading above the $0.320 level and the 100 hourly simple moving average.
Immediate resistance on the upside lies near $0.3350. The first major resistance level for bulls is likely to be near $0.3520 or the 61.8% Fibonacci retracement level of the downside move from the $0.4095 swing high to $0.2613 low.
The next major resistance is near $0.3750. A close above the $0.3750 resistance may push the price toward the $0.3880 resistance. Any more upside could push the price towards the $0.40 level. The next major stop for the bulls is likely to be $0.4120.
DOGE falls again?
If the price of DOGE fails to climb above $0.3350, another decline could begin. Initial support on the downside lies near $0.30. The next major support is near $0.2850.
The main support level is $0.2620. If it breaks below the $0.2620 support, the price may decline further. In the above scenario, the price may drop towards $0.250 or even $0.2320 levels in the short 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.
Main support levels – $0.3000 and $0.2850.
The main resistance levels – $0.3350 and $0.3500.