Dogecoin (DOGE) Needs $0.10 Break Or Faces Fresh Downside Move

Dogecoin started a recovery wave above the $0.0940 zone against the US Dollar. DOGE is now facing hurdles near $0.0975 and might struggle to continue higher.

• DOGE price started a recovery wave from $0.0925 and climbed above $0.0940.
• The price is trading above the $0.0950 level and the 100-hourly simple moving average.
• There is a rising channel forming with resistance at $0.0970 on the hourly chart of the DOGE/USD pair (data source from Kraken).
• The price could continue to move up if it stays above $0.0925.

Dogecoin price started a recovery wave from the $0.0925 zone, like Bitcoin and Ethereum. DOGE climbed above the $0.0935 and $0.0942 resistance levels.

There was a decent upward move above the 23.6% Fib retracement level of the downward move from the $0.1021 swing high to the $0.0926 low. However, the bears remained active near the $0.0970 zone. Besides, there is a rising channel forming with resistance at $0.0970 on the hourly chart of the DOGE/USD pair.

Dogecoin price is now trading above the $0.0950 level and the 100-hourly simple moving average. If there is another recovery wave, immediate resistance on the upside is near the $0.0970 level. The first major resistance for the bulls could be near the $0.0975 level or the 50% Fib retracement level of the downward move from the $0.1021 swing high to the $0.0926 low.

The next major resistance is near the $0.10 level. A close above the $0.10 resistance might send the price toward the $0.1020 resistance. Any more gains might send the price toward the $0.1065 level. The next major stop for the bulls might be $0.1120.

If DOGE’s price fails to climb above the $0.0975 level, it could continue to move down. Initial support on the downside is near the $0.0950 level. The next major support is near the $0.0932 level.

The main support sits at $0.0925. If there is a downside break below the $0.0925 support, the price could decline further. In the stated case, the price might slide toward the $0.090 level or even $0.0880 in the near term.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bullish zone.

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

Major Support Levels – $0.0950 and $0.0925.

Major Resistance Levels – $0.0975 and $0.10.