Dogecoin has dropped to the support level of $0.2620. DOGE is currently recovering losses and may gain traction if it breaks above the resistance level of $0.3350.

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  • DOGE price has started a wave of recovery above $0.30.

  • The price is trading above the $0.320 level and the 100-hour simple moving average.

  • On the hourly chart of the DOGE/USD pair, a bearish trendline was broken, with resistance at $0.3120 (data sourced from Kraken).

  • If it breaks above the resistance levels of $0.3350 and $0.350, the price may gain momentum.

 

Dogecoin price recovers lost ground

 

​Dogecoin price has started a new round of decline from well above $0.3550. DOGE is trading below the support levels of $0.3350 and $0.320. It even soared below $0.280.

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Forming a low at $0.2613, the price is now recovering. It has regained some points and climbed above $0.300. It tested the 23.6% Fibonacci retracement level from the swing high of $0.4095 down to the low of $0.2613.

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On the hourly chart of the DOGE/USD pair, a bearish trendline was broken, with resistance at $0.3120. The Dogecoin price is now trading above the $0.320 level and the 100-hour simple moving average.

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The direct resistance level on the upside is around $0.3350. The first major resistance for the bulls may be around the $0.3520 level or near the 61.8% Fibonacci retracement level from the swing high of $0.4095 down to the low of $0.2613.

Source: DOGEUSD on TradingView.com

 

The next major resistance level is around $0.3750. A closing price above the resistance level of $0.3750 could lead the price towards the resistance level of $0.3880. Any further gains could push the price closer to the $0.40 level. The next major target for the bulls may be $0.4120.

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Is DOGE going down again?

 

​If the price of DOGE fails to rise above $0.3350, it may begin another downturn. The initial support level on the downside is around $0.30. The next major support level is around $0.2850.

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The main support level is at $0.2620. If there is a downside break below the support level of $0.2620, the price may decline further. Under specified conditions, the price could drop to $0.250 or even $0.2320 in the short term.

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Technical indicators

Hourly MACD – The MACD of DOGE/USD is gaining momentum in the bullish zone now.

Hourly RSI (Relative Strength Index) – The RSI of DOGE/USD is now above the 50 level.

Major support levels – $0.3000 and $0.2850.

Major resistance levels – $0.3350 and $0.3500.