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The Dogecoin exchange rate is recovering losses from the $0.1020 range against the US Dollar. Dogecoin is currently showing positive signs and it could break out of the $0.1165 resistance level.

  • DOGE price started another upward move above the $0.1100 resistance level.

  • The price is trading above the $0.1120 level and the 100 hourly simple moving average.

  • There was a break above a major bearish trend line with resistance at $0.1100 on the hourly chart of the DOGE/USD pair (data source: Kraken).

  • The price is likely to gain bullish momentum if it clears the $0.1165 and $0.1180 resistance levels.

Dogecoin price starts to recover

Dogecoin price dropped to the $0.100 support level. Dogecoin traded as low as $0.1012 and recently started rising again like bitcoin and Ethereum. It broke the $0.1060 and $0.1080 resistance levels.

The price broke the $0.1120 resistance level. There was a break above a major bearish trend line with resistance at $0.1100 on the hourly chart of the DOGE/USD pair. It is trading above the 23.6% Fibonacci retracement level of the downtrend from the $0.1320 high to $0.1012 low.

Dogecoin price is currently trading above the $0.1120 level and the 100 hourly simple moving average. An immediate resistance on the upside is near the $0.1165 level. It is close to the 50% Fibonacci retracement level of the downside wave from the $0.1320 swing high to $0.1012 low.

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Source: DOGEUSD on TradingView.com

The next major resistance is near the $0.1180 level. A close above the $0.1180 resistance level could sink the price towards the $0.1240 resistance level. If the price continues to rise, it could drop towards $0.1265. The next major stop for the bulls could be $0.1320.

DOGE drops again?

If the DOGE price fails to clear the $0.1165 level, it is likely to decline again. An initial support on the downside is near the $0.1120 level. The next major support is near the $0.1100 level.

The main support is at $0.1080. If the $0.1080 support is broken, the price could decline further. In such a case, the price could drop to the $0.1020 or even $0.0980 levels in the near term.

Technical indicators

Hourly MACD – The MACD for DOGE/USD is currently gaining momentum in the bullish zone.

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

Major Support Levels – $0.1120 and $0.1080.

Major Resistance Levels – $0.1165 and $0.1240.