9 September 2024
Dogecoin started a recovery wave from the $0.0888 zone against the US Dollar. DOGE is rising and might even clear the $0.100 resistance zone.
DOGE price is aiming for a fresh increase above $0.100.
The price is trading above the $0.0950 level and the 100-hourly simple moving average.
There was a break above a connecting bearish trend line with resistance at $0.0955 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price could gain bullish momentum if it clears the $0.0980 and $0.100 levels.
Dogecoin Price Eyes Sustained Gains
After a major decline, Dogecoin price found support near the $0.0888 zone. The price formed a base and recently started a recovery wave like Bitcoin and Ethereum. There was a move above the $0.0920 and $0.0935 resistance levels.
The price cleared the 50% Fib retracement level of the downward move from the $0.0994 swing high to the $0.0889 low. There was also a break above a connecting bearish trend line with resistance at $0.0955 on the hourly chart of the DOGE/USD pair.
Dogecoin price is now trading above the $0.0950 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.0970 level or the 76.4% Fib retracement level of the downward move from the $0.0994 swing high to the $0.0889 low.
The next major resistance is near the $0.0995 level. A close above the $0.0995 resistance might send the price toward the $0.1050 resistance. Any more gains might send the price toward the $0.1150 level. The next major stop for the bulls might be $0.1200.
Another Decline In DOGE?
If DOGE’s price fails to climb above the $0.0995 level, it could start another decline. Initial support on the downside is near the $0.0938 level. The next major support is near the $0.0900 level.
The main support sits at $0.0880. If there is a downside break below the $0.0880 support, the price could decline further. In the stated case, the price might decline toward the $0.0850 level or even $0.0835 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 – $0.0938 and $0.0900.
Major Resistance Levels – $0.0995 and $0.1050.