Dogecoin (DOGE) Stuck In Limbo—What’s Holding Back The Recovery?

NewsBTC
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Dogecoin started a fresh decline below the $0.270 zone against the US Dollar. DOGE is now consolidating and might face hurdles near $0.2550.


  • DOGE price started a fresh decline below the $0.270 and $0.260 levels.

  • The price is trading below the $0.260 level and the 100-hourly simple moving average.

  • There is a connecting bearish trend line forming with resistance at $0.2560 on the hourly chart of the DOGE/USD pair (data source from Kraken).

  • The price could start another increase if it clears the $0.2560 and $0.2600 resistance levels.


Dogecoin Price Faces Resistance


Dogecoin price started a fresh decline from the $0.2840 resistance zone, like Bitcoin and Ethereum. DOGE dipped below the $0.270 and $0.260 support levels. It even spiked below $0.250.


A low was formed at $0.2420 and the price is now attempting to recover. There was a move above the 23.6% Fib retracement level of the downward wave from the $0.2830 swing high to the $0.2420 low. The price even cleared the $0.2500 resistance level.


Dogecoin price is now trading below the $0.260 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.2550 level. There is also a connecting bearish trend line forming with resistance at $0.2560 on the hourly chart of the DOGE/USD pair.


The first major resistance for the bulls could be near the $0.2620 level or the 50% Fib retracement level of the downward wave from the $0.2830 swing high to the $0.2420 low. The next major resistance is near the $0.2670 level.


Dogecoin Price


A close above the $0.2670 resistance might send the price toward the $0.300 resistance. Any more gains might send the price toward the $0.320 level. The next major stop for the bulls might be $0.3420.


Another Decline In DOGE?

If DOGE’s price fails to climb above the $0.260 level, it could start another decline. Initial support on the downside is near the $0.2480 level. The next major support is near the $0.2420 level.


The main support sits at $0.2350. If there is a downside break below the $0.2350 support, the price could decline further. In the stated case, the price might decline toward the $0.2220 level or even $0.2150 in the near term.


Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.

Major Support Levels – $0.2480 and $0.2420.

Major Resistance Levels – $0.2600 and $0.2620.

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

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