Dogecoin has fallen to the support level at $0.2620. DOGE is now recovering losses and could gain traction if it breaks above the resistance level at $0.3350.
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 for the DOGE/USD pair, it has broken through a connecting bearish trendline, with resistance at $0.3120 (source from Kraken).
If it breaks above the resistance levels at $0.3350 and $0.350, the price could gain momentum.
Dogecoin price is recovering lost ground
Dogecoin price has begun a new round of decline from well above $0.3550. DOGE is trading below the support levels at $0.3350 and $0.320. It even spiked below $0.280.
After forming a low at $0.2613, the price is now recovering. It has regained some points and climbed above $0.300. It tested the 0.4095% Fibonacci retracement level moving down from the swing high at $0.4095 to the swing low at $0.2613.
On the hourly chart for the DOGE/USD pair, it has broken through a connecting bearish trendline, with resistance at $0.3120. The Dogecoin price is now trading above the $0.320 level and the 100-hour simple moving average.
The direct resistance level on the upside is around $0.3350. The first major resistance level for the bulls could be around $0.3520 or near the 61.8% Fibonacci retracement level from the swing high at $0.4095 down to the swing low at $0.2613.
Source: DOGEUSD on TradingView.com
The next major resistance level is around $0.3750. A close above the resistance level at $0.3750 may drive the price towards the resistance level at $0.3880. Any further gains could bring the price close to the $0.40 level. The next major target for bulls could be $0.4120.
Is DOGE going down again?
If the price of DOGE fails to rise above $0.3350, it may start another decline. The initial support level on the downside is around $0.30. The next major support level is around $0.2850.
The major support level is at $0.2620. If the price breaks down below the support level at $0.2620, it could decline further. Under the specified conditions, the price may fall to $0.250 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.
Major support levels – $0.3000 and $0.2850.
Major resistance levels – $0.3350 and $0.3500.
