Will DOGE Price Continue to Fall? These Levels are Very Critical in DOGE!

  • 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

Dogecoin (DOGE) (11)

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

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.
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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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