Dogecoin Price Recovery May Stall: Resistance Levels to Watch
08 Juli 2024 - 7:28AM
NEWSBTC
Dogecoin struggled to recover above the $0.1150 resistance zone
against the US Dollar. DOGE is consolidating and might extend
losses below $0.100. DOGE price is struggling to clear the $0.1150
resistance zone. The price is trading below the $0.1080 level and
the 100-hourly simple moving average. There is a short-term bearish
trend line forming with resistance at $0.1050 on the hourly chart
of the DOGE/USD pair (data source from Kraken). The price must
settle above $0.1080 and $0.1150 to gain bullish momentum. Dogecoin
Price Takes Hit After a decent recovery wave, Dogecoin price
remained below the $0.1150 resistance zone. DOGE formed a high near
$0.1141 and recently started a fresh decline like Bitcoin and
Ethereum. There was a move below the $0.1080 support level. The
price dipped below the 50% Fib retracement level of the upward move
from the $0.09134 swing low to the $0.1141 high. However, the bulls
are now active near the $0.100 zone. Dogecoin is now trading below
the $0.1080 level and the 100-hourly simple moving average. It is
also above the 61.8% Fib retracement level of the upward move from
the $0.09134 swing low to the $0.1141 high. If there is a fresh
increase, the price might face resistance near the $0.1050 level.
There is also a short-term bearish trend line forming with
resistance at $0.1050 on the hourly chart of the DOGE/USD pair. The
next major resistance is near the $0.1080 level. A close above the
$0.1080 resistance might send the price toward the $0.1150
resistance. Any more gains might send the price toward the $0.1250
level. The next major stop for the bulls might be $0.1320. More
Downsides In DOGE? If DOGE’s price fails to gain pace above the
$0.1150 level, it could continue to move down. Initial support on
the downside is near the $0.100 level. The next major support is
near the $0.0950 level. If there is a downside break below the
$0.0920 support, the price could decline further. In the stated
case, the price might decline toward the $0.0850 level. Technical
Indicators Hourly MACD – The MACD for DOGE/USD is now gaining
momentum in the bearish zone. Hourly RSI (Relative Strength Index)
– The RSI for DOGE/USD is now below the 50 level. Major Support
Levels – $0.100, $0.0950 and $0.0850. Major Resistance Levels –
$0.1050, $0.1080, and $0.1150.
Dogecoin (COIN:DOGEUSD)
Historical Stock Chart
Von Sep 2024 bis Okt 2024
Dogecoin (COIN:DOGEUSD)
Historical Stock Chart
Von Okt 2023 bis Okt 2024