Dogecoin (DOGE) Faces Fresh Downside Risk, Sellers Stay Aggressive

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Reason to trust How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Dogecoin started a recovery wave above the $0.1040 zone against the US Dollar. DOGE is now facing hurdles near $0.1075 and might struggle to continue higher. - DOGE price started a recovery wave from $0.1020 and climbed above $0.1040. - The price is trading below the $0.1075 level and the 100-hourly simple moving average. - There was a break above a bearish trend line with resistance at $0.1040 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 Hits Resistance Dogecoin price started a recovery wave from the $0.1020 zone, like Bitcoin and Ethereum. DOGE climbed above the $0.1035 and $0.1040 resistance levels. There was a decent upward move above the 23.6% Fib retracement level of the downward move from the $0.1127 swing high to the $0.1021 low. Besides, there was a break above a bearish trend line with resistance at $0.1040 on the hourly chart of the DOGE/USD pair. Dogecoin price is now trading below the $0.1075 level and the 100-hourly simple moving average. If there is another recovery wave, immediate resistance on the upside is near the $0.1062 level. The first major resistance for the bulls could be near the $0.1075 level or the 50% Fib retracement level of the downward move from the $0.1127 swing high to the $0.1021 low. The next major resistance is near the $0.1088 level. A close above the $0.1088 resistance might send the price toward the $0.1120 resistance. Any more gains might send the price toward the $0.1150 level. The next major stop for the bulls might be $0.1165. Another Decline In DOGE? If DOGE’s price fails to climb above the $0.1075 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 $0.1020 level. The main support sits at $0.10. If there is a downside break below the $0.10 support, the price could decline further. In the stated case, the price might slide toward the $0.09650 level or even $0.0950 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 $0.1020. Major Resistance Levels – $0.1075 and $0.1120.

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