Dogecoin (DOGE) Faces Fresh Downside Risk, Sellers Stay Aggressive

Dogecoin started a recovery wave above the $0.1040 zone against the US Dollar. DOGE is now facing hurdles near $0.1075 and might struggle to continue higher.

• DOGE price started a recovery wave from $0.1020 and climbed above $0.1040.
• The price is trading below the $0.1075 level and the 100-hourly simple moving average.
• There was a break above a bearish trend line with resistance at $0.1040 on the hourly chart of the DOGE/USD pair (data source from Kraken).
• The price could continue to move up if it stays above $0.1020.

Dogecoin Price Hits Resistance

Dogecoin price started a recovery wave from the $0.1020 zone, like Bitcoin and Ethereum. DOGE climbed above the $0.1035 and $0.1040 resistance levels.

There was a decent upward move above the 23.6% Fib retracement level of the downward move from the $0.1127 swing high to the $0.1021 low. Besides, there was a break above a bearish trend line with resistance at $0.1040 on the hourly chart of the DOGE/USD pair.

Dogecoin price is now trading below the $0.1075 level and the 100-hourly simple moving average. If there is another recovery wave, immediate resistance on the upside is near the $0.1062 level. The first major resistance for the bulls could be near the $0.1075 level or the 50% Fib retracement level of the downward move from the $0.1127 swing high to the $0.1021 low.

Source: DOGEUSD on TradingView.com

The next major resistance is near the $0.1088 level. A close above the $0.1088 resistance might send the price toward the $0.1120 resistance. Any more gains might send the price toward the $0.1150 level. The next major stop for the bulls might be $0.1165.

Another Decline In DOGE?

If DOGE’s price fails to climb above the $0.1075 level, it could continue to move down. Initial support on the downside is near the $0.1040 level. The next major support is near the $0.1020 level.