Dogecoin (DOGE) Faces Resistance as Rebound Risks Rejection

Dogecoin has begun a steady climb above $0.130 against the US Dollar. However, it may face a downturn if the price drops below $0.1275.

Key Takeaways

Dogecoin (DOGE) has seen an uptick above $0.1280 and $0.130.
Current price positions are over the $0.130 mark and the 100-hourly simple moving average.
A bullish trend line is establishing support at $0.1315 based on the hourly DOGE/USD chart (data from Kraken).
For further gains, the price must remain above $0.1280.

Dogecoin (DOGE) Rebound Hits Resistance

Dogecoin Price Gains Consolidation

Dogecoin's upward movement commenced after it secured a position above $0.1280, alongside Bitcoin and Ethereum. DOGE successfully broke the $0.130 resistance, entering a bullish phase. The price ascended above $0.1320, peaking at $0.1352 before experiencing a price correction. Currently, it has dipped below the 23.6% Fibonacci retracement level from the recent swing low of $0.1198 to the high of $0.1352.

At this moment, Dogecoin trades below the $0.130 level and the 100-hourly simple moving average. A bullish trend line has formed, providing support at $0.1315 on the hourly DOGE/USD chart.

Dogecoin Price Source: DOGEUSD on TradingView.com

If there is another upswing, immediate resistance can be found near the $0.1350 level. The first significant hurdle for the bulls could emerge around $0.1380, with subsequent resistance at the $0.1420 mark. A close above $0.1420 could push the price toward $0.1460, and additional gains might lead to a target of $0.150, while the next notable resistance could be at $0.1550.

Potential Downside Risks for DOGE

Should DOGE's price struggle to surpass the $0.1350 mark, it may initiate a downward correction. Initial support can be found near $0.1310 and the trend line. The next critical support level lies around $0.1275, which coincides with the 50% Fibonacci retracement level from the $0.1198 low to the $0.1352 high.

The primary support zone rests at $0.1235. If the price drops below this level, further declines could lead to prices around $0.1220 or even $0.120 in the near future.

Technical Indicators

Hourly MACD: The MACD indicator for DOGE/USD is currently losing momentum within the bullish zone.
Hourly RSI (Relative Strength Index): The RSI for DOGE/USD is positioned below the 50 level.
Major Support Levels: $0.1310 and $0.1275.
Major Resistance Levels: $0.1350 and $0.1380.