REDATOR Ben Graham Posted February 4 REDATOR Report Share Posted February 4 Dogecoin started a recovery wave above the $0.1050 zone against the US Dollar. DOGE is now facing hurdles near $0.1120 and might struggle to continue higher. DOGE price started a recovery wave from $0.095 and climbed above $0.1050. The price is trading above the $0.1060 level and the 100-hourly simple moving average. There is a key rising channel forming with support at $0.1035 on the hourly chart of the DOGE/USD pair (data source from Kraken). The price could continue to move up if it stays above $0.1020. Dogecoin Price Aims Higher Dogecoin price started a recovery wave from the $0.0950 zone, beating Bitcoin and Ethereum. DOGE climbed above the $0.1020 and $0.1050 resistance levels. There was a decent upward move above the 50% Fib retracement level of the downward move from the $0.1185 swing high to the $0.0950 low. Besides, there is a key rising channel forming with support at $0.1035 on the hourly chart of the DOGE/USD pair. Dogecoin price is now trading above the $0.1060 level and the 100-hourly simple moving average. If there is another recovery wave, immediate resistance on the upside is near the $0.1095 level or the 61.8% Fib retracement level of the downward move from the $0.1185 swing high to the $0.0950 low. The first major resistance for the bulls could be near the $0.1120 level. The next major resistance is near the $0.1145 level. A close above the $0.1145 resistance might send the price toward the $0.1185 resistance. Any more gains might send the price toward the $0.120 level. The next major stop for the bulls might be $0.1250. Another Decline In DOGE? If DOGE’s price fails to climb above the $0.1120 level, it could continue to move down. Initial support on the downside is near the $0.1040 level. The next major support is near the $0.10 level. The main support sits at $0.0950. If there is a downside break below the $0.0950 support, the price could decline further. In the stated case, the price might slide toward the $0.0880 level or even $0.0850 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 – $0.1040 and $0.1000. Major Resistance Levels – $0.1095 and $0.1120. Perfect! Thanks! Love it! Haha Confused :/ Oush! Wow! Liked! × 💬 Did you like this content? Your feedback is very important! Liked! Perfect! Thanks! Love it! Haha Confused :/ Oush! Wow! Quote Link to comment Share on other sites More sharing options...
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