The rate of Dogecoin decreased against the US dollar by $0.2620. DOGE is now recovering losses and may gain traction if it clears the $0.3350 resistance.
- DOGE price started a recovery wave above $0.30 level.
- The price is trading above the $0.320 level and the 100-hourly simple moving average.
- There was a break above the connected bearish trend line with resistance at $0.3120 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could get a move if it clears the $0.3350 and $0.350 resistance levels.
The price of Dogecoin regains ground
Dogecoin price started a new decline from well above $0.3550 like Bitcoin and Ethereum. DOGE was trading below the $0.3350 and $0.320 support levels. It was even lower than $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 level of the move down from the $0.4095 swing high to the $0.2613 low.
There was a break above the associated bearish trend line with resistance at $0.3120 on the hourly chart of the DOGE/USD pair. The price of Dogecoin is now trading above the $0.320 level and the 100-hour simple moving average.
There is immediate resistance on the upside near the $0.3350 level. The first major resistance for the bulls could be near the $0.3520 level or the 61.8% Fib level of the move down from the $0.4095 high to the $0.2613 low.
The next major resistance is near the $0.3750 level. A close to the $0.3750 resistance may push the price towards the $0.3880 resistance. Any further gains could push the price to the $0.40 level. $0.4120 may be the next big stop for the bulls.
Another decline in DOGE?
If the price of DOGE does not climb above the $0.3350 level, it could start another decline. Initial support on the downside is near the $0.30 level. The next major support is near the $0.2850 level.
The key support is at $0.2620. If there is a break below the $0.2620 support, the price could decline further. In the mentioned case, the price could decline towards the level of $0.250 or even $0.2320 in the long term.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is now moving in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Key Support Levels – $0.3000 and $0.2850.
Key Resistance Levels – $0.3350 and $0.3500.
