Dogecoin has dropped to the support level of $0.2620 against the US dollar. DOGE is currently recovering its losses and could grow if it surpasses the resistance level of $0.3350.
The price of DOGE has begun a recovery above the $0.30 level.
The price is trading above $0.320 and the simple 100-hour moving average.
There is a breakout on the descending trend line connected to the resistance level at $0.3120 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price could surge significantly if it breaks through the resistance levels of $0.3350 and $0.350.
Dogecoin price recovery
The price of Dogecoin has started to decline sharply from above $0.3550 like Bitcoin and Ethereum. DOGE is trading below the support of $0.3350 and $0.320. It even plummeted below $0.280.
A low was formed at $0.2613 and the price is currently recovering its losses. The price has retraced some points and risen above $0.300. The price tested the 23.6% Fib retracement level of the downward move from the high of $0.4095 to the low of $0.2613.
There is a breakout on the descending trend line connected to the resistance level at $0.3120 on the hourly chart of the DOGE/USD pair. Dogecoin is currently trading above $0.320 and the simple 100-hour moving average.
Immediate resistance above is near $0.3350. The first major resistance level for buyers could be near $0.3520 or the 61.8% Fibonacci retracement level of the downward move from the high of $0.4095 to the low of $0.2613.
The next major resistance level is near $0.3750. Closing above the resistance of $0.3750 could push the price towards the resistance of $0.3880. Any further increase could drive the price towards $0.40. The next main stop for the buyers could be $0.4120.
Is DOGE continuing to decline?
If the DOGE price does not surpass $0.3350, it may begin another downward trend. Initial support on the decline is near $0.30. The next major support is near $0.2850.
The main support level is at $0.2620. If there is a breakout below the support of $0.2620, the price could decline further. In that case, the price could drop to $0.250 or even $0.2320 in the near future.
Technical indicators
Hourly MACD – The MACD for DOGE/USD is currently accelerating in the bullish zone.
Hourly Relative Strength Index (RSI) – The RSI for DOGE/USD is currently above 50.
Major support – $0.3000 and $0.2850.
Major resistance – $0.3350 and $0.3500.