- DOGE is currently struggling to break the $0.0628 resistance.
- The price is trading below the $0.065 level and the 100 simple moving average (4-hour).
- The DOGE/USD pair also has an important downward trend line forming a resistance around $0.0635 on the 4-hour chart.
Dogecoin is attempting a recovery above the $0.0585 resistance. If DOGE surpasses the $0.065 resistance zone, it could start an uptrend.
Dogecoin Price Aims for Recovery
After a sharp decline, Dogecoin found support near the $0.0554 level. DOGE formed a base and recently initiated a good recovery towards $0.058, similar to Bitcoin and Ethereum.
A clear move above the $0.0585 resistance zone occurred. Bulls pushed the price above the 23.6% Fib retracement level of the drop from $0.0714 to $0.0554. The price is currently consolidating above the $0.060 level.
DOGE is still trading below the $0.065 level and the 100 simple moving average (4-hour). The DOGE/USD pair also has an important downward trend line forming a resistance around $0.0635 on the 4-hour chart.
On the upside, the price is facing resistance at $0.0628. The first significant resistance level is near $0.0635 and the trend line. This level is close to the 50% Fib retracement level of the drop from $0.0714 to $0.0554.
DOGE/USD 4-Hour Price Chart
A close above the $0.0635 resistance could send the price towards the $0.065 resistance. The next significant resistance level is around $0.0675. Further gains could push the price towards $0.070.
Could DOGE Experience More Losses?
If the DOGE price fails to gain momentum above the $0.0635 level, it could continue to decline. The first support level on the downside is near $0.0595.
The next significant support is near $0.0580. If the $0.0585 support is broken downwards, the price could decline further. In this case, the price could drop towards $0.0554.
Technical Indicators
- 4-Hour MACD – The MACD for DOGE/USD is currently gaining momentum in the bullish zone.
- 4-Hour RSI (Relative Strength Index) – The RSI for DOGE/USD is currently above the 50 level.
- Important Support Levels – $0.0595, $0.0580, and $0.0554.
- Important Resistance Levels – $0.0628, $0.0635, and $0.0650.
