Dogecoin has begun to rebound above $0.0915 against the US dollar. Currently, Dogecoin is facing resistance around $0.0930 and may struggle to continue its upward trend.
• DOGE prices rebounded from $0.0890 and climbed above $0.0920.
• The price is currently above the $0.09150 level and the 100-hour simple moving average.
• On the DOGE/USD hourly chart, a bearish trendline is forming, with resistance at $0.0928 (Source: Kraken).
• If the price remains above $0.090, it may continue to rise.
Dogecoin price hits resistance level
Dogecoin's price rebounded from the $0.0890 area, similar to the movement of Bitcoin and Ethereum. Dogecoin has broken through the resistance levels of $0.0905 and $0.09120.
The price has seen a decent rally above the 50% Fibonacci retracement level of the decline from the high of $0.0937 to the low of $0.0893. However, bears remain active around $0.0930. Furthermore, a descending trendline is forming on the DOGE/USD hourly chart, with resistance at $0.0928.
Dogecoin is currently trading above $0.0912 and above its 100-hour simple moving average. If a new rally occurs, the immediate resistance level is around $0.09280, which is also the trendline level and the 76.4% Fibonacci retracement level of the decline from the $0.0937 high to the $0.0893 low.
The first major resistance level for bulls is likely around $0.0930. The next major resistance level is around $0.0950. If the closing price is above the $0.0950 resistance level, the price may move towards the $0.0980 resistance level. If the price continues to rise, it may further test $0.10. The next major stop-loss level for bulls is likely at $0.1020.
Is Dogecoin's price dropping again?
If Dogecoin (DOGE) fails to break through $0.0930, it may continue to decline. Initial support is around $0.0915. The next major support level is around $0.090.
The key support level is at $0.0885. If the price breaks below this level, it could fall further. In that scenario, the price could potentially drop to $0.0860 or even $0.0835 in the short term.
Technical indicators
The hourly MACD indicator for DOGE/USD is currently showing weakening momentum within the uptrend zone.
The hourly Relative Strength Index (RSI) for DOGE/USD is currently above 50.
Key support levels are $0.0900 and $0.0885.
Key resistance levels – $0.0930 and $0.0950.
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