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

NewsBTC
Updated
Tony
coverImg
Source: DepositPhotos

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.


Dogecoin Price


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.

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

goTop
quote
Do you find this article useful?
Related Articles
placeholder
Dogecoin Price Forms Ascending Channel From The Bottom, Why A Surge Into 2025 Could Send Price Above $1The 24-hour Dogecoin price action has been highlighted by a range between $0.3049 and $0.3229 as both the bulls and bears work to break into either side. As the cryptocurrency continues to struggle with price corrections on the short-term timeframe, technical analysis of a wider timeframe shows a bullish structure that would lead to a […]
Author  Bitcoinist
Dec 23, Mon
The 24-hour Dogecoin price action has been highlighted by a range between $0.3049 and $0.3229 as both the bulls and bears work to break into either side. As the cryptocurrency continues to struggle with price corrections on the short-term timeframe, technical analysis of a wider timeframe shows a bullish structure that would lead to a […]
placeholder
Dogecoin (DOGE) Plummets: Bears Take Full Control of the MarketIf DOGE’s price fails to climb above the $0.3550 level, it could start another decline.
Author  NewsBTC
Dec 20, Fri
If DOGE’s price fails to climb above the $0.3550 level, it could start another decline.
placeholder
Here’s Why Dogecoin Is Poised For A Major Bullish ReversalThe Dogecoin (DOGE) price appears primed for a significant bullish reversal, supported by technical indicators and market sentiment data. Despite recent downward pressures, several factors suggest a potential upward trajectory for the popular memecoin.
Author  NewsBTC
Dec 19, Thu
The Dogecoin (DOGE) price appears primed for a significant bullish reversal, supported by technical indicators and market sentiment data. Despite recent downward pressures, several factors suggest a potential upward trajectory for the popular memecoin.
placeholder
Shiba Inu Price Rebounds Toward $0.00003, Taking 69% Of All Holders Back Into The GreenThe Shiba Inu price has rebounded towards $0.00003, which has put most of the SHIB holders back in the green. This is significant, considering how it could set Shiba Inu on a path to higher prices.
Author  NewsBTC
Dec 13, Fri
The Shiba Inu price has rebounded towards $0.00003, which has put most of the SHIB holders back in the green. This is significant, considering how it could set Shiba Inu on a path to higher prices.
placeholder
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Google’s ‘Willow’ chip stirs crypto security fearsBitcoin (BTC) price hovers around $97,500 on Wednesday after declining 4.47% so far this week.
Author  FXStreet
Dec 11, Wed
Bitcoin (BTC) price hovers around $97,500 on Wednesday after declining 4.47% so far this week.
Real-time Quote