Dogecoin is trying to bounce back above the $0.150 mark against the US Dollar. However, it might face difficulty breaking through the $0.170 barrier.
DOGE began recovering from the $0.1280 support against the US dollar. It’s now above $0.1500 and the 100 simple moving average (4 hours). On the 4-hour chart of the DOGE/USD pair (data from Kraken), a crucial bearish trend line is forming with resistance at $0.170. For a positive shift and a new upward trend, the price needs to close above $0.170.
Dogecoin Price Analysis: Recovery Challenges Ahead
After experiencing a significant drop, Dogecoin found support at $0.1280, forming a low at $0.1283. Following suit with Bitcoin and Ethereum, DOGE initiated a notable recovery, surpassing resistance levels at $0.1350 and $0.140.
Despite climbing above the 23.6% Fibonacci retracement level of the downward movement from the $0.2093 high to the $0.1283 low, bears remain active, hindering further gains. Additionally, a crucial bearish trend line is forming with resistance at $0.170 on the 4-hour DOGE/USD chart.
Source: DOGEUSD on TradingView.com
Presently, Dogecoin is trading below the $0.1650 level and the 100 simple moving average (4 hours). Resistance lies near $0.1690, representing the 50% Fibonacci retracement level. The next significant barrier is at $0.170, with a breakthrough possibly propelling the price toward resistance at $0.1880. Subsequent resistance levels stand at $0.200 and $0.220, should the uptrend persist.
Dogecoin Price Forecast: Potential Support and Resistance Levels
If Dogecoin fails to accelerate above the $0.170 mark, it could signal another downward trend. Initial support is anticipated around the $0.1525 level, followed by a more significant support near $0.1475. Should the price break below the $0.1475 support, further decline is possible, potentially targeting the $0.1280 level.
On the positive side, the 4-hour MACD for DOGE/USD is showing bullish momentum, while the 4-hour RSI is above the 50 level, indicating strength in the market.
Key Levels to Watch
Support: $0.1525, $0.1475, $0.1280
Resistance: $0.1690, $0.1700, $0.200
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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