Dogecoin Price Recovery May Stall: Resistance Levels to Watch

Dogecoin Struggles to Recover

Dogecoin (DOGE) has faced resistance in its recovery attempts, failing to breach the $0.1150 level against the US Dollar. Consolidation is underway, with potential for further losses below $0.100.

Resistance and Resistance Zone

DOGE's price faces significant resistance at the $0.1150 level, and is currently trading beneath both the $0.1080 level and the 100-hourly simple moving average.

Bearish Trend and Potential Gains

An hourly chart (from Kraken) shows a short-term bearish trend line forming, with resistance at $0.1050. Bullish momentum requires a settlement above $0.1080 and $0.1150.

Downward Trend and Support Levels

Following a brief recovery period, DOGE has experienced a decline. It has fallen below the $0.1080 support level and the 50% Fib retracement level. However, there is support from buyers near the $0.100 zone.

Further Resistance and Next Steps

If DOGE rallies, it may encounter resistance at the $0.1050 level. A break above $0.1080 could push the price towards $0.1150. Further gains could target $0.1250 and $0.1320.

Potential Drawbacks

Failure to gain momentum above $0.1150 could lead to a downward trend. Support is anticipated at $0.100 and $0.0950. A break below $0.0920 could trigger further declines towards $0.0850.

Technical Indicators

• Hourly MACD: Gaining momentum in the bearish zone.
• Hourly RSI: Below the 50 level.

Key Support and Resistance Levels

• Support: $0.100, $0.0950, $0.0850
• Resistance: $0.1050, $0.1080, $0.1150