Dogecoin (DOGE) Stuck In Limbo—What’s Holding Back The Recovery?
Dogecoin started to drop against the dollar at $0.270. Doge is now integrating and may face a $0.2550 hurdle.
- Doge Price started a new drop below the $0.270 and $0.260 levels.
- Prices trade below the $0.260 level and the 100-hour simple moving average.
- On the hourly chart of the Doge/USD pair, there is a connected bearish trend line with a resistance of $0.2560 (from Kraken’s data source).
- If the price clears the resistance levels of $0.2560 and $0.2600, the price may increase again.
Dogecoin price faces resistance
Dogecoin’s price starts a new drop from the $0.2840 resistance zone, like Bitcoin and Ethereum. Doge fell below the $0.270 and $0.260 support levels. It’s even below $0.250.
The low price is $0.2420 and the current price is trying to recover. The downward wave’s 23.6% FIB retracement level moves from 0.2830 to a low of $0.2420. The price even cleared the $0.2500 resistance level.
Dogecoin Price is now trading below $0.260 and the 100-hour simple moving average. The immediate resistance to rising space is close to the $0.2550 level. On the hourly chart of the Doge/USD pair, there is also a connected bearish trend line with resistance of $0.2560.
The Bulls’ first major resistance may be close to the $0.2620 level, or a 50% FIB retracement level from a sway speed of 0.2830 to a downward wave at a low of 0.2420. The next major resistor is close to the $0.2670 level.
Turning off resistors above $0.2670 may shift the price to a resistor of $0.300. More gains may shift the price to the $0.320 level. The next major site for the Bulls could be $0.3420.
Another decline of the Governor?
If Doge’s price can’t climb above $0.260, it could drop again. The initial support for disadvantages is close to the $0.2480 level. The next major support is close to the $0.2420 level.
The main support is $0.2350. Prices may drop further if the downside break below $0.2350 support. In the case of statements, the price may drop to $0.2220, or even drop to $0.2150 in the short term.
Technical Indicators
Hourly MACD – Doge/USD’s MACD is now losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – Doge/USD’s RSI is now below level 50.
Main support levels – $0.2480 and $0.2420.
Main resistance levels – $0.2600 and $0.2620.
