Dogecoin (DOGE) Knocked Back From Resistance—Can Bulls Regain Control?

[Ben Graham]

Dogecoin started a recovery wave above the $0.140 zone against the US Dollar. DOGE is now facing hurdles near $0.1450 and might struggle to continue higher.

• DOGE price started a decent upward move above $0.140 and $0.1410.
• The price is trading above the $0.140 level and the 100-hourly simple moving average.
• There is a bullish trend line forming with support at $0.1405 on the hourly chart of the DOGE/USD pair (data source from Kraken).
• The price could extend losses if it stays below $0.140 and $0.1380.

Dogecoin Price Faces Resistance

Dogecoin price started a recovery wave from the $0.1350 zone, like Bitcoin and Ethereum. DOGE climbed above the $0.1380 and $0.140 resistance levels.

There was a decent upward move above the 23.6% Fib retracement level of the downward move from the $0.1532 swing high to the $0.1351 low. However, the bears seem to be active near the $0.1440 and $0.1450 levels. Dogecoin price is now trading above the $0.1410 level and the 100-hourly simple moving average. There is also a bullish trend line forming with support at $0.1405 on the hourly chart of the DOGE/USD pair.

If there is a recovery wave, immediate resistance on the upside is near the $0.1450 level and the 50% Fib retracement level of the downward move from the $0.1532 swing high to the $0.1351 low. The first major resistance for the bulls could be near the $0.1490 level.

The next major resistance is near the $0.1530 level. A close above the $0.1530 resistance might send the price toward the $0.1620 resistance. Any more gains might send the price toward the $0.170 level. The next major stop for the bulls might be $0.1720.

Another Decline In DOGE?

If DOGE’s price fails to climb above the $0.1450 level, it could continue to move down. Initial support on the downside is near the $0.140 level and the trend line. The next major support is near the $0.1380 level.

The main support sits at $0.1350. If there is a downside break below the $0.1350 support, the price could decline further. In the stated case, the price might slide toward the $0.1265 level or even $0.1250 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 below the 50 level.

Major Support Levels – $0.1400 and $0.1350.

Major Resistance Levels – $0.1450 and $0.1530.