Dogecoin (DOGE) Retracts from Resistance—Will Bulls Regain Control?

Dogecoin has recently initiated a recovery wave above the $0.140 mark against the US Dollar. However, DOGE faces resistance around $0.1450, which may hinder further upward movement.

Key Takeaways

Dogecoin's price has made a notable upward movement past the $0.140 and $0.1410 marks.
Currently, DOGE is trading above $0.140 and the 100-hourly simple moving average.
A bullish trend line is emerging with support at $0.1405 on the hourly DOGE/USD chart.
If it remains below $0.140 and $0.1380, the price may continue to decline.

Dogecoin (DOGE) Retracts from Resistance

Dogecoin Price Encounters Resistance

Dogecoin began its recovery from the $0.1350 range, following trends seen in Bitcoin and Ethereum. DOGE successfully climbed past the $0.1380 and $0.140 resistance levels.

This positive movement surpassed the 23.6% Fibonacci retracement level calculated from the drop between the swing high of $0.1532 and the low of $0.1351. However, selling pressure appears to be strong around the $0.1440 and $0.1450 levels. Currently, Dogecoin trades above $0.1410 and the 100-hourly simple moving average. Additionally, there is a bullish trend line forming with support at $0.1405 on the DOGE/USD hourly chart.

If the price continues to recover, immediate resistance lies near the $0.1450 level and the 50% Fibonacci retracement of the downward swing from $0.1532 to $0.1351. The first significant resistance that bulls need to overcome is at approximately $0.1490.

Dogecoin Price
Source: DOGEUSD on TradingView.com

Further resistance is positioned around the $0.1530 mark. If the price manages to close above this level, it could rally towards the $0.1620 resistance point. Should there be more upward momentum, the next target might reach the $0.170 level, with a potential bullish stop around $0.1720.

Is Another Decline Likely for DOGE?

Should DOGE fail to exceed the $0.1450 resistance, it may continue its downward trajectory. The initial support level is nearby at $0.140, along with the trend line support. The next key support level to watch is around $0.1380.

The primary support is located at $0.1350. If the price drops below this support, it could decline further, potentially sliding down to $0.1265 or even $0.1250 in the short term.

Technical Indicators

Hourly MACD: The MACD for DOGE/USD is showing a loss of momentum in the bullish zone.
Hourly RSI (Relative Strength Index): The RSI for DOGE/USD currently resides below the 50 mark.
Major Support Levels: $0.1400 and $0.1350.
Major Resistance Levels: $0.1450 and $0.1530.