Dogecoin (DOGE) Attempts a Comeback: Can It Clear Resistance?
Dogecoin started to recover from the $0.240 area above the dollar. Doge is now integrating and may face a $0.270 hurdle.
- Doge Price’s recovery wave is above the $0.2350 and $0.2420 levels.
- Prices traded below $0.2780 and the 100-hour simple moving average.
- On the hourly chart of the Doge/USD pair (Kraken’s data source), there is a major bearish trend line forming with a resistance of $0.260.
- If the price clears the resistance levels of $0.260 and $0.270, the price may increase again.
Dogecoin price faces resistance
Dogecoin’s price starts to drop from the resistance zone of $0.3450, like Bitcoin and Ethereum. Doge fell below the $0.300 and $0.250 support levels. It’s even below $0.220.
Prices fell by more than 25% and tested the $0.20 area. The price is $0.20, and the price is now rising. The 50% FIB retracement level of downward waves moves from a swing of $0.3415 to a low of $0.20.
However, the bear is active near the $0.280 area. Dogecoin price is now trading below $0.270, while the 100-hour simple moving average. The immediate resistance to rising space is close to the $0.260 level.
On the hourly chart of the Doge/USD pair, there is also a major bearish trend line with resistance of $0.260. The Bulls’ first major resistance may be close to the $0.270 level. The next major resistor approaches the $0.2850 level, or the 61.8% FIB retracement level of downward volatility is higher than the $0.3415 swing to $0.20.
Turning off resistors above $0.2850 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 $0.270, it may drop again. The initial support for disadvantages is close to the $0.2420 level. The next major support is close to $0.2250.
The main support is $0.220. If it is below $0.220 support, the disadvantage is that the price may drop further. In the case of statements, the price may drop to $0.2020 or even $0.200 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 – $0.2420 and $0.2250.
Main resistance levels – $0.2700 and $0.2850.
