Dogecoin finds bids above the $0.0750 zone against the US dollar. DOGE could gain bullish momentum if it breaks the USD 0.0820 resistance zone.
- DOGE is showing positive signs above the $0.080 zone against the US dollar.
- The price is trading above the USD 0.0795 level and the 100 simple moving average (4 hours).
- A major ascending channel is forming with support at $0.0795 on the 4-hour chart of the DOGE/USD pair (Kraken data source).
- The price could trigger a recovery wave if it reaches USD 0.0820 and USD 0.0850.
Dogecoin Price Sees New Wave
Over the past few sessions, Dogecoin price has remained well above the $0.0750 zone. DOGE formed a base and recently started a recovery wave above $0.0780, just like Bitcoin and Ethereum.
There was quite a bit of movement above the 23.6% Fib retracement level from 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). A key ascending channel is also forming with support at $0.0795 on the 4-hour chart of the DOGE/USD pair.
On the upside, the price is facing resistance around 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 resistance at $0.0845 could send the price towards the resistance at $0.090. The next major resistance is near USD 0.095. Any further gains could send the price towards the USD 0.105 level.
Another drop in DOGE?
If DOGE price fails to rise above the USD 0.0845 level, it could trigger another decline. The initial downside support is near the $0.0780 level.
The next major support is near the $0.0765 level. If there is a downside break below the USD 0.0765 support, the price could fall further. In the mentioned case, the price could drop to the $0.0720 level.
Technical indicators
4 Hours MACD – The MACD for DOGE/USD is now losing momentum in the bullish zone.
4-hour 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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