Dogecoin (DOGE) Stages A Recovery Attempt After A Brutal Selloff

Dogecoin started a recovery wave above the 0.0820 zone against the US Dollar. DOGE is now facing hurdles near 0.090 and might struggle to continue higher. DOGE price started a recovery wave from 0.0775 and climbed above 0.0820. The price is trading below the 0.0820 level and the 100-hourly simple moving average. There was a break above a bearish trend line with resistance at 0.0820 on the hourly chart of the DOGE/USD pair (data source from Kraken). The price could continue to move up if it stays above 0.090. Dogecoin Price Faces Resistance Dogecoin price started a recovery wave from the 0.0775 zone, like Bitcoin and Ethereum. DOGE climbed above the 0.080 and 0.0820 resistance levels. There was a break above a bearish trend line with resistance at 0.0820 on the hourly chart of the DOGE/USD pair. There was a decent upward move above the 23.6 Fib retracement level of the downward move from the 0.1008 swing high to the 0.0776 low. Dogecoin price is now trading above the 0.0820 level and the 100-hourly simple moving average. If there is another recovery wave, immediate resistance on the upside is near the 0.0865 level. The first major resistance for the bulls could be near the 0.090 level or the 50 Fib retracement level of the downward move from the 0.1008 swing high to the 0.0776 low. The next major resistance is near the 0.0920 level. A close above the 0.0920 resistance might send the price toward the 0.10 resistance. Any more gains might send the price toward the 0.1035 level. The next major stop for the bulls might be 0.1050. Another Decline In DOGE? If DOGE’s price fails to climb above the 0.090 level, it could continue to move down. Initial support on the downside is near the 0.0840 level. The next major support is near the 0.0820 level. The main support sits at 0.0820. If there is a downside break below the 0.0820 support, the price could decline further. In the stated case, the price might slide toward the 0.0775 level or even 0.0750 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 – 0.0820 and 0.080. Major Resistance Levels – 0.090 and 0.0920.