Dogecoin started a recovery wave from the $0.0888 area against the US Dollar. Dogecoin is rising and may surpass the $0.100 resistance area.
- DOGE price is targeting a fresh increase above $0.100.
- The price is trading above the 0.0950 level and the 100-hour simple moving average.
- There was a break above the bearish trend line connecting the resistance at $0.0955 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price may gain bullish momentum if it surpasses the $0.0980 and $0.100 levels.
Dogecoin Price Looks to Make Sustained Gains
After a significant decline, Dogecoin price found support near the $0.0888 area. The price formed a base and recently started a recovery wave like Bitcoin and Ethereum. There was a move above the $0.0920 and $0.0935 resistance levels.
The price broke the 50% Fib retracement level of the downward move from the $0.0994 swing high to $0.0889 low. There was also a break above a connected bearish trend line with resistance at $0.0955 on the hourly chart of the DOGE/USD pair.
Dogecoin price is now trading above the $0.0950 level and the 100-hour simple moving average. Immediate resistance on the upside is near the $0.0970 level or the 76.4% Fib retracement level of the downside move from the $0.0994 swing high to $0.0889 swing low.
The next major resistance is near the $0.0995 level. A close above the $0.0995 resistance could push the price towards the $0.1050 resistance level. Any further gains could push the price towards the $0.1150 level. The next major stop for the bulls could be $0.1200.
Another drop in DOGE?
If DOGE price fails to rise above the $0.0995 level, it could start declining again. The initial support on the downside is near the $0.0938 level. The next major support is near the $0.0900 level.
The main support is located at $0.0880. If there is a decline below the $0.0880 support level, the price could decline further. In the mentioned case, the price could decline towards the $0.0850 level or even $0.0835 in the near term.
Technical indicators
Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.
Hourly Relative Strength Index (RSI) – The RSI for DOGE/USD is now above the 50 level.
Key support levels – $0.0938 and $0.0900.
Key resistance levels – $0.0995 and $0.1050.