DOGE Initiates Recovery Wave
DOGE has started a recovery wave from the $0.1280 support zone against the US dollar. The price is currently trading above the $0.1500 level and the 100 simple moving average (4 hours). There is a notable bearish trend line forming with resistance at $0.170 on the 4-hour chart of the DOGE/USD pair according to Kraken data. To move into a positive zone and trigger a fresh surge, the price must settle above $0.170.
Challenges Faced by Dogecoin Price
Following a significant decline, Dogecoin’s price found support at $0.1280, with a low formed at $0.1283 before DOGE started its recovery. The recovery saw a move above the $0.1350 and $0.140 resistance levels, climbing above the 23.6% Fib retracement level of the downward wave from the $0.2093 swing high to the $0.1283 low. However, the bears are actively resisting further gains, with a key bearish trend line forming at $0.170 on the 4-hour chart of the DOGE/USD pair.
Potential Downward Movement in DOGE
If DOGE fails to gain momentum above the $0.170 level, there is a possibility of another decline. The initial support level on the downside is near $0.1525, followed by a major support level at $0.1475. A break below the $0.1750 support could lead to further declines, potentially pushing the price back down to the $0.1280 level.
Technical Indicators and Key Levels
The 4-hour MACD for DOGE/USD is currently gaining momentum in the bullish zone, indicating a positive trend. The 4-hour RSI (Relative Strength Index) for DOGE/USD is above the 50 level, pointing towards potential upward movement.
- Major Support Levels: $0.1525, $0.1475, and $0.1280.
- Major Resistance Levels: $0.1690, $0.1700, and $0.200.
Hot Take: A Closer Look at DOGE Price Movement
Despite its recent recovery, DOGE faces resistance at the $0.170 level which could trigger another downward movement. The support levels to watch out for are $0.1525 and $0.1475. Technical indicators show potential for a bullish trend, but a break below key support levels could lead to further declines, with $0.1280 as a critical level to monitor.
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