Dogecoin is finding bids above the $0.0750 zone against the US Dollar. DOGE could gain bullish momentum if it clears the $0.0820 resistance zone.
- DOGE is showing positive signs above the $0.080 zone against the US dollar.
- The price is trading above the $0.0795 level and the 100 simple moving average (4 hours).
- There is a key rising channel forming with support at $0.0795 on the 4-hour chart of the DOGE/USD pair (data source from Kraken).
- The price could start a recovery wave if it clears $0.0820 and $0.0850.
Dogecoin Price Eyes Fresh Surge
In the past few sessions, Dogecoin price remained well-bid above the $0.0750 zone. DOGE formed a base and recently started a recovery wave above $0.0780, like Bitcoin and Ethereum.
There was a decent move above the 23.6% Fib retracement level of the downward move from the $0.0924 swing high to the $0.0760 low. DOGE is now trading above the $0.080 level and the 100 simple moving average (4 hours). There is also a key rising channel forming with support at $0.0795 on the 4-hour chart of the DOGE/USD pair.
On the upside, the price is facing resistance near the $0.0820 level. The next major resistance is near the $0.0842 level. It is close to the 50% Fib retracement level of the downward move from the $0.0924 swing high to the $0.0760 low.
Source: DOGEUSD on TradingView.com
A close above the $0.0845 resistance might send the price toward the $0.090 resistance. The next major resistance is near $0.095. Any more gains might send the price toward the $0.105 level.
Another Decline in DOGE?
If DOGE’s price fails to gain pace above the $0.0845 level, it could start a fresh decline. Initial support on the downside is near the $0.0780 level.
The next major support is near the $0.0765 level. If there is a downside break below the $0.0765 support, the price could decline further. In the stated case, the price might decline toward the $0.0720 level.
Technical Indicators
4 Hours MACD – The MACD for DOGE/USD is now losing momentum in the bullish zone.
4 Hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major Support Levels – $0.078, $0.0765, and $0.0750.
Major Resistance Levels – $0.0820, $0.0845, and $0.0920.
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