Dogecoin (DOGE) Attempts Rebound—Will Recovery Gain Momentum?

Dogecoin started a fresh decline below the $0.2150 zone against the US Dollar. DOGE tested $0.1820 and is now consolidating below the $0.2150 resistance.

• DOGE price started a fresh decline below the $0.2150 and $0.2100 levels.
• The price is trading below the $0.2100 level and the 100-hourly simple moving average.
• There was a break above a connecting bearish trend line with resistance at $0.1900 on the hourly chart of the DOGE/USD pair (data source from Kraken).
• The price could start a recovery if it clears the $0.2050 and $0.2120 resistance levels.

Dogecoin Price Eyes Recovery

Dogecoin price started a fresh decline below the $0.2150 zone, like Bitcoin and Ethereum. DOGE dipped below the $0.2050 and $0.200 support levels. It even spiked below $0.1880.

A low was formed at $0.1826 and the price is now consolidating losses. There was a move above the $0.1950 level. The bulls pushed the price above the 23.6% Fib retracement level of the downward move from the $0.2421 swing high to the $0.1826 low.

There was also a break above a connecting bearish trend line with resistance at $0.1900 on the hourly chart of the DOGE/USD pair. Dogecoin price is now trading below the $0.2150 level and the 100-hourly simple moving average.

Immediate resistance on the upside is near the $0.2050 level. The first major resistance for the bulls could be near the $0.2120 level and the 50% Fib retracement level of the downward move from the $0.2421 swing high to the $0.1826 low.

The next major resistance is near the $0.2195 level. A close above the $0.2195 resistance might send the price toward the $0.2220 resistance. Any more gains might send the price toward the $0.2350 level. The next major stop for the bulls might be $0.2420.

Another Decline In DOGE?

If DOGE’s price fails to climb above the $0.2050 level, it could start another decline. Initial support on the downside is near the $0.1950 level. The next major support is near the $0.1920 level.

The main support sits at $0.1820. If there is a downside break below the $0.1820 support, the price could decline further. In the stated case, the price might decline toward the $0.1740 level or even $0.1650 in the near term.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.

Major Support Levels – $0.1950 and $0.1820.

Major Resistance Levels – $0.2050 and $0.2120.