Dogecoin (DOGE) Hits Resistance, Recovery Momentum Shows First Signs of Fading
Analysis
Price Impact
MedDogecoin is facing significant resistance around $0.1530-$0.1540, with recovery momentum showing signs of fading. failure to break these levels could lead to a decline, indicating a moderate bearish pressure.
Trustworthiness
HighThe source adheres to a strict editorial policy focusing on accuracy, relevance, and impartiality, created and reviewed by industry experts, ensuring high standards in reporting.
Price Direction
BearishDoge's price is struggling to overcome key resistance at $0.1530 and $0.1540, including a bearish trend line and the 76.4% fib retracement level. the hourly macd is losing bullish momentum, suggesting a potential downward move if these resistance levels hold, with initial support at $0.1460 and $0.1420, and a significant risk of falling to $0.120 or $0.1120 if $0.1330 breaks.
Time Effect
ShortThe analysis is based on hourly chart data and discusses 'immediate resistance' and 'near term' price movements, indicating a short-term outlook.
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Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing 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 $0.1420 zone against the US Dollar. DOGE is now facing hurdles near $0.1540 and might struggle to continue higher. DOGE price started a decent upward move above $0.140 and $0.1420. The price is trading above the $0.1450 level and the 100-hourly simple moving average. There is a bearish trend line forming with resistance at $0.1530 on the hourly chart of the DOGE/USD pair (data source from Kraken). The price could extend losses if it stays below $0.1530 and $0.1540. Dogecoin Price Faces Hurdles Dogecoin price started a recovery wave from the $0.1330 zone, like Bitcoin and Ethereum . DOGE climbed above the $0.1320 and $0.140 resistance levels. There was a decent upward move above the 50% Fib retracement level of the downward move from the $0.1593 swing high to the $0.1330 low. However, the bears seem to be active near the $0.1530 and $0.1540 levels. Besides, there is a bearish trend line forming with resistance at $0.1530 on the hourly chart of the DOGE/USD pair. Dogecoin price is now trading above the $0.150 level and the 100-hourly simple moving average. If there is a recovery wave, immediate resistance on the upside is near the $0.1530 level. The first major resistance for the bulls could be near the $0.1540 level, the trend line, and the 76.4% Fib retracement level of the downward move from the $0.1593 swing high to the $0.1330 low. Source: DOGEUSD on TradingView.com The next major resistance is near the $0.1590 level. A close above the $0.1590 resistance might send the price toward the $0.1650 resistance. Any more gains might send the price toward the $0.1720 level. The next major stop for the bulls might be $0.180. Another Decline In DOGE? If DOGE’s price fails to climb above the $0.1540 level, it could continue to move down. Initial support on the downside is near the $0.1460 level. The next major support is near the $0.1420 level. The main support sits at $0.1330. If there is a downside break below the $0.1330 support, the price could decline further. In the stated case, the price might slide toward the $0.120 level or even $0.1120 in the near term. Technical Indicators Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level. Major Support Levels – $0.1460 and $0.1420. Major Resistance Levels – $0.1540 and $0.1590.