Dogecoin (DOGE) Can’t Catch A Break—Bears Keep Swinging

Dogecoin started a recovery wave above the $0.0980 zone against the US Dollar. DOGE is now facing hurdles near $0.1010 and might struggle to continue higher.

There was a decent upward move above the 38.2% Fib retracement level of the downward move from the $0.1031 swing high to the $0.0964 low. However, the price struggled near $0.10. There is also a bearish trend line forming with resistance at $0.1010 on the hourly chart of the DOGE/USD pair.

Dogecoin price is now trading below the $0.10 level and the 100-hourly simple moving average. If there is another recovery wave, immediate resistance on the upside is near the $0.1005 level or the 61.8% Fib retracement level of the downward move from the $0.1031 swing high to the $0.0964 low.

The first major resistance for the bulls could be near the $0.1010 level. The next major resistance is near the $0.1032 level. A close above the $0.1032 resistance might send the price toward the $0.1050 resistance. Any more gains might send the price toward the $0.1065 level. The next major stop for the bulls might be $0.1120.

If DOGE’s price fails to climb above the $0.1010 level, it could continue to move down. Initial support on the downside is near the $0.0985 level. The next major support is near the $0.0965 level.

The main support sits at $0.0950. If there is a downside break below the $0.0950 support, the price could decline further. In the stated case, the price might slide toward the $0.0920 level or even $0.090 in the near term.

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 – $0.0985 and $0.0965.

Major Resistance Levels – $0.1010 and $0.1032.