Dogecoin (DOGE) Plots Comeback—Is The Meme Coin Gearing Up for a Move?
Dogecoin started a fresh decline below the $0.1720 zone against the US Dollar. DOGE tested $0.1650 and is now attempting to recover toward $0.180.
- DOGE price started a fresh decline below the $0.1750 and $0.1720 levels.
- The price is trading above the $0.170 level and the 100-hourly simple moving average.
- There is a connecting bullish trend line forming with support at $0.1680 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could gain bullish momentum if it clears the $0.1750 and $0.1800 resistance levels.
Dogecoin Price Eyes Recovery
Dogecoin price started a fresh decline below the $0.1750 zone, like Bitcoin and Ethereum. DOGE dipped below the $0.1720 and $0.1700 support levels. It even spiked below $0.1650.
A low was formed at $0.1646 and the price is now attempting a strong comeback. There was a move above the $0.1680 level. The bulls pushed the price above the 50% Fib retracement level of the downward move from the $0.1791 swing high to the $0.1646 low.
Dogecoin price is now trading above the $0.1680 level and the 100-hourly simple moving average. There is also a connecting bullish trend line forming with support at $0.1680 on the hourly chart of the DOGE/USD pair.
Immediate resistance on the upside is near the $0.1755 level or the 76.4% Fib retracement level of the downward move from the $0.1791 swing high to the $0.1646 low. The first major resistance for the bulls could be near the $0.1780 level.
The next major resistance is near the $0.1800 level. A close above the $0.1800 resistance might send the price toward the $0.1850 resistance. Any more gains might send the price toward the $0.2000 level. The next major stop for the bulls might be $0.2050.
More Losses In DOGE?
If DOGE’s price fails to climb above the $0.1755 level, it could start another decline. Initial support on the downside is near the $0.1720 level. The next major support is near the $0.1680 level.
The main support sits at $0.1650. If there is a downside break below the $0.1650 support, the price could decline further. In the stated case, the price might decline toward the $0.1620 level or even $0.1550 in the near term.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major Support Levels – $0.1680 and $0.1650.
Major Resistance Levels – $0.1755 and $0.1800.
