Dogecoin (DOGE) Hints at Revival: Can It Defy The Odds?
Dogecoin dived toward the $0.2620 support against the US Dollar. DOGE is now recovering losses and might gain traction if it clears the $0.3350 resistance.
- DOGE price started a recovery wave above the $0.30 level.
- The price is trading above the $0.320 level and the 100-hourly simple moving average.
- There was a break above a connecting bearish trend line with resistance at $0.3120 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could gain momentum if it clears the $0.3350 and $0.350 resistance levels.
Dogecoin Price Recovers Ground
Dogecoin price started a fresh decline from well above $0.3550 like Bitcoin and Ethereum. DOGE traded below the $0.3350 and $0.320 support levels. It even spiked below $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 retracement level of the downward move from the $0.4095 swing high to the $0.2613 low.
There was a break above a connecting bearish trend line with resistance at $0.3120 on the hourly chart of the DOGE/USD pair. Dogecoin price is now trading above the $0.320 level and the 100-hourly simple moving average.
Immediate resistance on the upside is near the $0.3350 level. The first major resistance for the bulls could be near the $0.3520 level or the 61.8% Fib retracement level of the downward move from the $0.4095 swing high to the $0.2613 low.
The next major resistance is near the $0.3750 level. A close above the $0.3750 resistance might send the price toward the $0.3880 resistance. Any more gains might send the price toward the $0.40 level. The next major stop for the bulls might be $0.4120.
Another Decline In DOGE?
If DOGEs price fails to 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 main support sits at $0.2620. If there is a downside break below the $0.2620 support, the price could decline further. In the stated case, the price might decline toward the $0.250 level or even $0.2320 in the near term.
Technical Indicators
Hourly MACD The MACD for DOGE/USD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) The RSI for DOGE/USD is now above the 50 level.
Major Support Levels $0.3000 and $0.2850.
Major Resistance Levels $0.3350 and $0.3500.
Source: NewsBTC.com
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