Dogecoin price begins to recover
Afterwards a foremost drop, Dogecoin price achieved support near the $0.055 zone. DOGE traded as low as $0.0557 and started a new rise. There was a decent move above $0.0600 and the price developed above $0.0606.
Recently, there was a sharp rise in Dogecoin like Bitcoin and Ethereum, and it was able to break above the $0.0620 resistance. The price rallied above the 50% Fibonacci retracement level of the main dip from the $0.0772 high to the $0.0557 low.
Furthermore, there was a break above a key downtrend line with resistance near $0.0630 on the 4-hour chart of the DOGE/USD pair. It is now trading above the $0.065 level and the 100 simple moving average (4 hours). On the upside, the price is facing resistance near the $0.0665 level.
The first major resistance is near the $0.0690 level or the 61.8% Fibonacci retracement level of the main decline from the $0.0772 high to the $0.0557 low.
A close above the $0.0690 resistance could send the price looking toward the $0.0725 resistance. The next major resistance is near $0.0780. Any further gains could send the price looking toward the $0.080 level.
Is crash supported in DOGE?
If DOGE fails to gain pace above the $0.0690 level, it could initiate a correction to the downside. Initial support on the downside is near the $0.0642 level.
The next major support is near the $0.0606 level. If there is a break below the $0.0606 support, the price could drop further. In the indicated case, the price could fall towards the $0.055 level.
Technical Indicators
4 Hours MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.
4 Hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Main support levels: $0.0642, $0.0625, and $0.0606.
Main resistance levels: $0.0665, $0.0690, and $0.075.
Dogecoin is showing positive signs above the $0.0642 level against the US Dollar. DOGE could go higher if it holds above the $0.0606 support.
• DOGE started a decent rally above the $0.0642 resistance against the US dollar.
• Price is trading above the $0.065 level and the 100 SMA (4-hours).
• There was a break above a key downtrend line with resistance near $0.0630 on the 4-hour chart of the DOGE/USD pair (data feed from Kraken).
• The price could correct to the downside, but the dips could be attractive near the $0.062 area.
By Audy Castaneda
