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Dogecoin Price Recovery May Stall: Resistance Levels to Watch

NewsBTC

Updated

Reviewed by

Mitrade

Source: Shutterstock

Dogecoin struggled to recover above the $0.1150 resistance zone against the US Dollar. DOGE is consolidating and might extend losses below $0.100.

■ DOGE price is struggling to clear the $0.1150 resistance zone.

■ The price is trading below the $0.1080 level and the 100-hourly simple moving average.

■ There is a short-term bearish trend line forming with resistance at $0.1050 on the hourly chart of the DOGE/USD pair (data source from Kraken).

■ The price must settle above $0.1080 and $0.1150 to gain bullish momentum.

Dogecoin Price Takes Hit

After a decent recovery wave, Dogecoin price remained below the $0.1150 resistance zone. DOGE formed a high near $0.1141 and recently started a fresh decline like Bitcoin and Ethereum.

There was a move below the $0.1080 support level. The price dipped below the 50% Fib retracement level of the upward move from the $0.09134 swing low to the $0.1141 high. However, the bulls are now active near the $0.100 zone.

Dogecoin is now trading below the $0.1080 level and the 100-hourly simple moving average. It is also above the 61.8% Fib retracement level of the upward move from the $0.09134 swing low to the $0.1141 high.

If there is a fresh increase, the price might face resistance near the $0.1050 level. There is also a short-term bearish trend line forming with resistance at $0.1050 on the hourly chart of the DOGE/USD pair. The next major resistance is near the $0.1080 level.

A close above the $0.1080 resistance might send the price toward the $0.1150 resistance. Any more gains might send the price toward the $0.1250 level. The next major stop for the bulls might be $0.1320.

More Downsides In DOGE?

If DOGE’s price fails to gain pace above the $0.1150 level, it could continue to move down. Initial support on the downside is near the $0.100 level.

The next major support is near the $0.0950 level. If there is a downside break below the $0.0920 support, the price could decline further. In the stated case, the price might decline toward the $0.0850 level.

Technical Indicators

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

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

Major Support Levels – $0.100, $0.0950 and $0.0850.

Major Resistance Levels – $0.1050, $0.1080, and $0.1150.

* 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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