Dogecoin dipped towards support at $0.2620 against the USD. DOGE is now retrieving losses and may gain further traction if it clears the $0.3350 resistance.
- DOGE price started a recovery wave above the $0.30 level.
- The price is trading above the $0.320 level and the 100-hour simple moving average.
- On the hourly chart of the DOGE/USD pair (data source from Kraken), it broke above the downtrend line connected to the $0.3120 resistance.
- If it clears the $0.3350 and $0.350 resistance levels, the price could gain more momentum.
Dogecoin price recovers ground
Dogecoin price started to decline again from $0.3550 Bitcoin and Ethereum. DOGE traded below the $0.3350 and $0.320 support levels. It even reached below $0.280.
A low was formed at $0.2613 and the price is now recovering. It recovered a few points and climbed above $0.300. This 23.6% Fib retracement level tested the downside move from the swing low of $0.4095 to the low of $0.2613.
On the hourly chart of the DOGE/USD pair, there was a break above the downtrend line attached to the $0.3120 resistance. Dogecoin price is now trading above the $0.320 level and the 100-hour simple moving average.
Immediate resistance on the upside is near the $0.3350 level. The first major resistance for the bulls could be near the $0.3520 level or the 61.8% Fib retracement level of the downside move from $0.4095 to $0.2613.
The next major resistance is near the $0.3750 level. A close above the $0.3750 resistance may push the price towards the $0.3880 resistance. Any further increase may take the price to the $0.40 level. The next major stop for the bulls could be $0.4120.
Another reduction in DOGE?
If the price of DOGE fails to climb above the $0.3350 level, it may start another decline. Primary support on the downside is near the $0.30 level. The next major support is near the $0.2850 level.
The main support is $0.2620. If there is a bearish break below the $0.2620 support level, the price could fall further. In the mentioned case, the price may drop to the level of $0.250 or even $0.2320 in the short term.
Technical indicators
Hourly MACD – The MACD for DOGE/USD is now rising in bullish territory.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Key support levels – $0.3000 and $0.2850.
Key resistance levels – $0.3350 and $0.3500.
