Dogecoin (DOGE) Bounce Under Threat As Resistance Caps Further Gains

Dogecoin started a recovery wave above the $0.10 zone against the US Dollar. DOGE is now facing hurdles near $0.1050 and might struggle to continue higher.

• DOGE price started a recovery wave from $0.10 and climbed above $0.1020.
• The price is trading below the $0.1035 level and the 100-hourly simple moving average.
• There is a bearish trend line forming with resistance at $0.1030 on the hourly chart of the DOGE/USD pair (data source from Kraken).
• The price could continue to move up if it stays above $0.10.

Dogecoin Price Hits Resistance

Dogecoin price started a recovery wave from the $0.10 zone, like Bitcoin and Ethereum. DOGE climbed above the $0.1015 and $0.1020 resistance levels.

There was a decent upward move above the 50% Fib retracement level of the downward move from the $0.1066 swing high to the $0.0968 low. However, the price struggled near $0.1045. There is also a bearish trend line forming with resistance at $0.1030 on the hourly chart of the DOGE/USD pair.

Dogecoin price is now trading below the $0.1035 level and the 100-hourly simple moving average. If there is another recovery wave, immediate resistance on the upside is near the $0.1030 level. The first major resistance for the bulls could be near the $0.1042 level or the 76.4% Fib retracement level of the downward move from the $0.1066 swing high to the $0.0968 low.

Source: DOGEUSD on TradingView.com

The next major resistance is near the $0.1050 level. A close above the $0.1050 resistance might send the price toward the $0.1085 resistance. Any more gains might send the price toward the $0.1120 level. The next major stop for the bulls might be $0.1150.

Another Decline In DOGE?

If DOGE’s price fails to climb above the $0.1050 level, it could continue to move down. Initial support on the downside is near the $0.1005 level. The next major support is near the $0.10 level.