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Dogecoin Price Starts Recovery

Patricia Arquette

Oct 07, 2024 pm 03:42 PM

Dogecoin (DOGE) momentum

Dogecoin is recovering losses from the $0.1020 zone against the US Dollar. DOGE is now showing positive signs and might clear the $0.1165 resistance.

Dogecoin Price Starts Recovery

Dogecoin price declined toward the $0.100 support. It traded as low as $0.1012 and recently started a fresh increase like BTC and ETH.

The coin price recovered from the mentioned support and climbed above the $0.1060 and $0.1080 resistance levels. Moreover, the price surpassed the $0.1120 resistance level. There was also a break above a major bearish trend line with resistance at $0.1100 on the hourly chart of the DOGE/USD pair.

It also traded above the 23.6% Fib retracement level of the downward wave from the $0.1320 swing high to the $0.1012 low. Dogecoin price is now trading above the $0.1120 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.1165 level. It is close to the 50% Fib retracement level of the downward wave from the $0.1320 swing high to the $0.1012 low.

The next major resistance is near the $0.1180 level. A close above the $0.1180 resistance might send the price toward the $0.1240 resistance. Any more gains might send the price toward the $0.1265 level. The next major stop for the bulls might be $0.1320.

Another Decline In DOGE?

If DOGE’s price fails to climb above the $0.1165 level, it could start another decline. Initial support on the downside is near the $0.1120 level. The next major support is near the $0.1100 level.

The main support sits at $0.1080. If there is a downside break below the $0.1080 support, the price could decline further. In the stated case, the price might decline toward the $0.1020 level or even $0.0980 in the near term.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.

Major Support Levels – $0.1120 and $0.1080.

Major Resistance Levels – $0.1165 and $0.1240.

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