Dogecoin (DOGE) recently rebounded after dropping to the $0.1012 support level. Similar to Bitcoin and Ethereum, DOGE saw a fresh surge in price, breaking through key resistance levels.
Dogecoin Price Recovery
After touching a low of $0.1012, Dogecoin began recovering, moving above key resistance points at $0.1060 and $0.1080. This upward trend continued, and the price even broke a major bearish trend line at the $0.1100 level on the hourly chart. DOGE then surpassed the $0.1120 resistance level, a positive sign for further gains.
The price is currently trading above $0.1120 and the 100-hour simple moving average. Immediate resistance sits at $0.1165, close to the 50% Fibonacci retracement level of the recent decline from $0.1320 to $0.1012. If DOGE manages to break past $0.1165, the next resistance level will be at $0.1180. Closing above this could push the price toward the $0.1240 mark, with further potential gains up to $0.1265. Bulls may aim for the $0.1320 level as the next target.
Will Dogecoin Decline Again?
If Dogecoin fails to break past the $0.1165 resistance, another decline could be on the horizon. Initial support is at the $0.1120 level, followed by stronger support at $0.1100. The main support zone lies around $0.1080, and a break below this could trigger a deeper fall. In such a case, DOGE might drop to $0.1020 or even as low as $0.0980 in the short term.
Technical Indicators
- MACD: The MACD for DOGE/USD is gaining momentum in the bullish zone.
- RSI: The RSI for DOGE/USD is currently above the 50 level, suggesting bullish momentum.
Key Support and Resistance Levels
- Support: $0.1120 and $0.1080
- Resistance: $0.1165 and $0.1240
