Dogecoin (DOGE) Hints at Revival: Can It Defy The Odds?

Dogecoin dived toward the $0.2620 support against the US Dollar. DOGE is now recovering losses and might gain traction if it clears the $0.3350 resistance.

• DOGE price started a recovery wave above the $0.30 level.
• The price is trading above the $0.320 level and the 100-hourly simple moving average.
• There was a break above a connecting bearish trend line with resistance at $0.3120 on the hourly chart of the DOGE/USD pair (data source from Kraken).
• The price could gain momentum if it clears the $0.3350 and $0.350 resistance levels.

Dogecoin Price Recovers Ground

Dogecoin price started a fresh decline from well above $0.3550 like Bitcoin and Ethereum. DOGE traded below the $0.3350 and $0.320 support levels. It even spiked below $0.280.

A low was formed at $0.2613 and the price is now recovering losses. It recovered some points and climbed above $0.300. It tested the 23.6% Fib retracement level of the downward move from the $0.4095 swing high to the $0.2613 low.

There was a break above a connecting bearish trend line with resistance at $0.3120 on the hourly chart of the DOGE/USD pair. Dogecoin price is now trading above the $0.320 level and the 100-hourly simple moving average.

Immediate resistance on the upside is near the $0.3350 level. The first major resistance for the bulls could be near the $0.3520 level or the 61.8% Fib retracement level of the downward move from the $0.4095 swing high to the $0.2613 low.

The next major resistance is near the $0.3750 level. A close above the $0.3750 resistance might send the price toward the $0.3880 resistance. Any more gains might send the price toward the $0.40 level. The next major stop for the bulls might be $0.4120.

Another Decline In DOGE?

If DOGE’s price fails to climb above the $0.3350 level, it could start another decline. Initial support on the downside is near the $0.30 level. The next major support is near the $0.2850 level.

The main support sits at $0.2620. If there is a downside break below the $0.2620 support, the price could decline further. In the stated case, the price might decline toward the $0.250 level or even $0.2320 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 – $0.3000 and $0.2850.

Major Resistance Levels – $0.3350 and $0.3500.

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