Dogecoin seems to be entering a volatile period against the dollar. The cryptocurrency has experienced a recovery wave above the $0.150 resistance area and is now trying to overcome a resistance zone at $0.170, though it has not yet succeeded. What are the key levels that Dogecoin investors should watch?
Dogecoin Tries to Recover
With a recovery wave from the $0.1280 support level, DOGE is trading above $0.1500 and also above the 100 simple moving average. However, it is important to note that it is struggling to surpass the $0.170 resistance zone.
In the 4-hour chart of the DOGE/USD pair, there is a significant downtrend line set by the $0.170 resistance. The price needs to overcome this resistance to move into a positive area and start a new fluctuation.
Dogecoin Encounters Obstacles
Dogecoin, reigning as the king in the meme coin world, still faces some obstacles. Particularly, the recovery wave from the $0.1280 support level is still under the influence of bears. However, the cryptocurrency has managed to rise above the resistance levels of $0.1350 and $0.140.
Dogecoin is currently trading below the $0.1650 level and the 100 simple moving average. It may encounter resistance near the $0.1690 level during upward movements.
If DOGE’s Rise Fails
DOGE’s price is struggling to stabilize above the $0.170 level. If this situation continues, the next step could be a downward decline. The first support level downward is around $0.1525.
Below this level, there is another support at $0.1475. However, if the critical support level of $0.1475 experiences a downward break, the price could fall further. In this scenario, a retreat to the $0.1280 levels is expected for DOGE.
Technical Indicators Show Rising Momentum
DOGE/USD pair’s 4-hour MACD is currently gaining momentum in the bullish zone. This could be interpreted as an indicator of a possible price rise.
Similarly, the 4-hour RSI (Relative Strength Index) for the DOGE/USD pair is also trending above the 50 level. This indicates a potential upward trend in price.
DOGE has set support levels at $0.1525, $0.1475, and $0.1280. On the other hand, resistance levels are observed at $0.1690, $0.1700, and $0.200.
