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Dogecoin is attempting a recovery wave above the $0.0585 resistance against the US Dollar. If DOGE clears the $0.065 resistance area, it could rally higher.
- DOGE is currently struggling to clear the $0.0628 resistance against the US Dollar.
- The price is trading below the $0.065 area and the 100 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $0.0635 on the 4-hours chart of the DOGE/USD pair (data source from Kraken).
- The pair could start a fresh rally if it clears the $0.065 resistance area.
Dogecoin Price Eyes Recovery
After a sharp decline, Dogecoin price found support near the $0.0554 area. DOGE formed a base and recently started a decent recovery above $0.058, similar to bitcoin and Ethereum.
There was a clear move above the $0.0585 resistance area. The bulls pushed the price above the 23.6% Fib retracement level of the $0.0714 high and $0.0554 swing low. The price is now consolidating above the $0.060 level.
DOGE is still trading below the $0.065 zone and the 100 simple moving average (4-hours). There is also a major bearish trend line forming with resistance near $0.0635 on the 4-hours chart of the DOGE/USD pair.
On the upside, the price is facing resistance near $0.0628. The first major resistance is near the $0.0635 level and the trend line. It is close to the 50% Fib retracement level of the downside move from the $0.0714 swing high to $0.0554 low.
Source: DOGEUSD on TradingView.com
A close above the $0.0635 resistance could send the price towards the $0.065 resistance. The next major resistance is near the $0.0675 level. Any further gains could send the price towards the $0.070 level.
More losses in DOGE?
If DOGE price fails to gain momentum above the $0.0635 level, it could continue to decline. An initial support on the downside is near the $0.0595 level.
The next major support is near the $0.0580 level. If there is a downside break below the $0.0585 support, the price is likely to decline further. In the mentioned case, the price could decline towards the $0.0554 level.
technical indicators
4 hours MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now well above the 50 level.
Key Support Levels – $0.0595, $0.0580 and $0.0554.
Key Resistance Levels – $0.0628, $0.0635 and $0.0650.
