Dogecoin (DOGE) Recovery Gains Traction—Can It Unlock Bigger Gains?

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 fresh increase from the $0.0850 zone against the US Dollar. DOGE is now facing hurdles near $0.090 and might aim for a larger rally. DOGE price started a decent upward move above $0.0850 and $0.0880. The price is trading above the $0.0870 level and the 100-hourly simple moving average. There is a bullish trend line forming with support at $0.0870 on the hourly chart of the DOGE/USD pair (data source from Kraken). The price could continue to move up if it stays above $0.0850. Dogecoin Price Faces Hurdles Dogecoin price remained supported above the $0.0850 zone and started a fresh increase, like Bitcoin and Ethereum . DOGE climbed above the $0.0865 and $0.0870 resistance levels. The price gained over 2% and tested the $0.0890 zone. There was a move above the 38.2% Fib retracement level of the downward move from the $0.0920 swing high to the $0.0855 low. Besides, there is a bullish trend line forming with support at $0.0870 on the hourly chart of the DOGE/USD pair. Dogecoin price is now trading above the $0.0870 level and the 100-hourly simple moving average. If the bulls remain active, the price could attempt another increase. Immediate resistance on the upside is near the $0.0890 level and the 50% Fib retracement level of the downward move from the $0.0920 swing high to the $0.0855 low. Source: DOGEUSD on TradingView.com The first major resistance for the bulls could be near the $0.0905 level. The next major resistance is near the $0.0920 level. A close above the $0.0920 resistance might send the price toward the $0.0950 resistance. Any more gains might send the price toward the $0.10 level. The next major stop for the bulls might be $0.1050. Another Decline In DOGE? If DOGE’s price fails to climb above the $0.090 level, it could continue to move down. Initial support on the downside is near the $0.0870 level. The next major support is near the $0.0855 level. The main support sits at $0.0850. If there is a downside break below the $0.0850 support, the price could decline further. In the stated case, the price might slide toward the $0.0820 level or even $0.080 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 – $0.0870 and $0.0855. Major Resistance Levels – $0.090 and $0.10.