Dogecoin (DOGE) Needs $0.10 Break Or Faces Fresh Downside Move

Dogecoin started a recovery wave above the $0.0940 zone against the US Dollar. DOGE is now facing hurdles near $0.0975 and might struggle to continue higher.

• DOGE price started a recovery wave from $0.0925 and climbed above $0.0940.
• The price is trading above the $0.0950 level and the 100-hourly simple moving average.
• There is a rising channel forming with resistance at $0.0970 on the hourly chart of the DOGE/USD pair (data source from Kraken).
• The price could continue to move up if it stays above $0.0925.

Dogecoin Price Hits Resistance

Dogecoin price started a recovery wave from the $0.0925 zone, like Bitcoin and Ethereum. DOGE climbed above the $0.0935 and $0.0942 resistance levels.

There was a decent upward move above the 23.6% Fib retracement level of the downward move from the $0.1021 swing high to the $0.0926 low. However, the bears remained active near the $0.0970 zone. Besides, there is a rising channel forming with resistance at $0.0970 on the hourly chart of the DOGE/USD pair.

Dogecoin price is now trading above the $0.0950 level and the 100-hourly simple moving average. If there is another recovery wave, immediate resistance on the upside is near the $0.0970 level. The first major resistance for the bulls could be near the $0.0975 level or the 50% Fib retracement level of the downward move from the $0.1021 swing high to the $0.0926 low.

Source: DOGEUSD on TradingView.com

The next major resistance is near the $0.10 level. A close above the $0.10 resistance might send the price toward the $0.1020 resistance. Any more gains might send the price toward the $0.1065 level. The next major stop for the bulls might be $0.1120.

Another Decline In DOGE?