Dogecoin against the dollar has fallen to the support level of $0.2620. DOGE is now recovering losses, and if it breaks above the resistance level of $0.3350, it may gain traction.
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 currency pair, a bearish trendline has been broken, with resistance at $0.3120 (data sourced from Kraken).
If resistance levels of $0.3350 and $0.350 are broken, the price may gain momentum.
Dogecoin price recovers losses.
Dogecoin price has started a new round of decline like Bitcoin and Ethereum from well above $0.3550. DOGE is trading below the support levels of $0.3350 and $0.320. It even spiked below $0.280.
A low was formed at $0.2613, and the price is now recovering. It has regained some points and climbed above $0.300. It tested the 0.4095% Fibonacci retracement level down from the swing high of $23.6 to the low of $0.2613.
On the hourly chart of the DOGE/USD currency pair, a bearish trendline has been broken, with resistance at $0.3120. 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 for bulls may be near the $0.3520 level or around the 61.8% Fibonacci retracement level down from the swing high of $0.4095 to the low of $0.2613.
Source: DOGEUSD on TradingView.com
The next major resistance level is around $0.3750. A close above the resistance level of $0.3750 may lead the price towards the resistance level of $0.3880. Any further gains could bring the price close to the $0.40 level. The next major target for bulls may be $0.4120.
Is DOGE falling again?
If DOGE's price fails to climb 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 main support level is at $0.2620. If the support level of $0.2620 is broken downwards, the price may decline further. Under certain conditions, the price may drop 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 region.
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.
