Dogecoin dived towards the $0.2620 support against the US Dollar. DOGE is now recovering from losses and could gain ground if it breaks 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 feed from Kraken).
- The price could gain momentum if it breaks the $0.3350 and $0.350 resistance levels.
Dogecoin price recovers ground
Dogecoin price started a new decline from well above $0.3550, like Bitcoin and Ethereum. DOGE traded below the $0.3350 and $0.320 support levels. It even shot below $0.280.
A low was formed at $0.2613 and the price is now recovering from the losses. It recovered some points and rose above $0.300. It tested the 23.6% Fibonacci retracement level of the downward move from the high of $0.4095 to the low of $0.2613.
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.
The 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% Fibonacci retracement level of the downward move from the high $0.4095 to the low $0.2613.
The next major resistance is near the $0.3750 level. A close above the $0.3750 resistance could send the price towards the $0.3880 resistance. Any further gains could send the price towards the $0.40 level. The next important stop for the bulls could be $0.4120.
Another drop in DOGE?
If DOGE price fails to break 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 lies at $0.2620. If there is a downside break below the $0.2620 support, the price could fall further. In the indicated case, the price could fall towards the $0.250 level or even $0.2320 in the short 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.
Main support levels: $0.3000 and $0.2850.
Main resistance levels: $0.3350 and $0.3500.
