Dogecoin (DOGE) Plots Comeback—Is The Meme Coin Gearing Up for a Move?

Dogecoin started a fresh decline below the $0.1720 zone against the US Dollar. DOGE tested $0.1650 and is now attempting to recover toward $0.180.

• DOGE price started a fresh decline below the $0.1750 and $0.1720 levels.
• The price is trading above the $0.170 level and the 100-hourly simple moving average.
• There is a connecting bullish trend line forming with support at $0.1680 on the hourly chart of the DOGE/USD pair (data source from Kraken).
• The price could gain bullish momentum if it clears the $0.1750 and $0.1800 resistance levels.

Dogecoin Price Eyes Recovery

Dogecoin price started a fresh decline below the $0.1750 zone, like Bitcoin and Ethereum . DOGE dipped below the $0.1720 and $0.1700 support levels. It even spiked below $0.1650.

A low was formed at $0.1646 and the price is now attempting a strong comeback. There was a move above the $0.1680 level. The bulls pushed the price above the 50% Fib retracement level of the downward move from the $0.1791 swing high to the $0.1646 low.

Dogecoin price is now trading above the $0.1680 level and the 100-hourly simple moving average. There is also a connecting bullish trend line forming with support at $0.1680 on the hourly chart of the DOGE/USD pair.

Immediate resistance on the upside is near the $0.1755 level or the 76.4% Fib retracement level of the downward move from the $0.1791 swing high to the $0.1646 low. The first major resistance for the bulls could be near the $0.1780 level.

The next major resistance is near the $0.1800 level. A close above the $0.1800 resistance might send the price toward the $0.1850 resistance. Any more gains might send the price toward the $0.2000 level. The next major stop for the bulls might be $0.2050.

More Losses In DOGE?

If DOGE’s price fails to climb above the $0.1755 level, it could start another decline. Initial support on the downside is near the $0.1720 level. The next major support is near the $0.1680 level.

The main support sits at $0.1650. If there is a downside break below the $0.1650 support, the price could decline further. In the stated case, the price might decline toward the $0.1620 level or even $0.1550 in the near term.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.

Major Support Levels – $0.1680 and $0.1650.

Major Resistance Levels – $0.1755 and $0.1800.