Dogecoin (DOGE) Stages A Recovery Attempt After A Brutal Selloff

Dogecoin started a recovery wave above the $0.0820 zone against the US Dollar. DOGE is now facing hurdles near $0.090 and might struggle to continue higher.

• DOGE price started a recovery wave from $0.0775 and climbed above $0.0820.
• The price is trading below the $0.0820 level and the 100-hourly simple moving average.
• There was a break above a bearish trend line with resistance at $0.0820 on the hourly chart of the DOGE/USD pair (data source from Kraken).
• The price could continue to move up if it stays above $0.090.

Dogecoin price started a recovery wave from the $0.0775 zone, like Bitcoin and Ethereum. DOGE climbed above the $0.080 and $0.0820 resistance levels.

There was a break above a bearish trend line with resistance at $0.0820 on the hourly chart of the DOGE/USD pair. There was a decent upward move above the 23.6% Fib retracement level of the downward move from the $0.1008 swing high to the $0.0776 low.

Dogecoin price is now trading above the $0.0820 level and the 100-hourly simple moving average. If there is another recovery wave, immediate resistance on the upside is near the $0.0865 level.

The first major resistance for the bulls could be near the $0.090 level or the 50% Fib retracement level of the downward move from the $0.1008 swing high to the $0.0776 low. The next major resistance is near the $0.0920 level. A close above the $0.0920 resistance might send the price toward the $0.10 resistance. Any more gains might send the price toward the $0.1035 level. The next major stop for the bulls might be $0.1050.

If DOGE’s price fails to climb above the $0.090 level, it could continue to move down. Initial support on the downside is near the $0.0840 level. The next major support is near the $0.0820 level.

The main support sits at $0.0820. If there is a downside break below the $0.0820 support, the price could decline further. In the stated case, the price might slide toward the $0.0775 level or even $0.0750 in the near 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 – $0.0820 and $0.080.

Major Resistance Levels – $0.090 and $0.0920.