Dogecoin Price Shows Signs of Recovery
The price of Dogecoin (DOGE) is displaying positive signs above the $0.080 zone against the US dollar. It is currently trading above the $0.0795 level and the 100 simple moving average (4 hours). On the 4-hour chart, there is a key rising channel forming with support at $0.0795 for the DOGE/USD pair.
Recovery Wave in Sight
Over the past few sessions, DOGE has remained strong above the $0.0750 zone and has started a recovery wave above $0.0780, similar to Bitcoin and Ethereum. The price has also moved above the 23.6% Fib retracement level of the previous downward move from $0.0924 to $0.0760. Additionally, DOGE is trading above the $0.080 level and the 100 simple moving average (4 hours).
Resistance and Potential Gains
The price of DOGE is currently facing resistance near the $0.0820 level, followed by major resistance near $0.0842. A close above the $0.0845 resistance could potentially lead to further gains towards the $0.090 and $0.095 levels. If DOGE fails to gain momentum above $0.0845, it may experience a fresh decline with initial support at around $0.0780.
Possible Downside Scenario
In case of a downside break below the support at $0.0765, there is a possibility of further decline towards the $0.0720 level.
Technical Indicators and Support/Resistance Levels
The MACD for DOGE/USD on the 4-hour chart is currently losing momentum in the bullish zone. The RSI (Relative Strength Index) for DOGE/USD is above the 50 level. Major support levels are identified at $0.078, $0.0765, and $0.0750, while major resistance levels are seen at $0.0820, $0.0845, and $0.0920.
Hot Take: Dogecoin’s Recovery Depends on Key Resistance Level
The price of Dogecoin (DOGE) is showing positive signs of recovery, trading above key support levels and forming a rising channel. However, its ability to continue this upward trend depends on breaking through the resistance at $0.0845. If successful, DOGE could experience significant gains and potentially reach the $0.090 and $0.095 levels. On the other hand, if it fails to surpass this resistance level, a fresh decline may occur with initial support at around $0.0780.
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