Analysis of Dogecoin’s Attempted Recovery Wave

Analysis of Dogecoin’s Attempted Recovery Wave

Dogecoin is currently attempting a recovery wave above the $0.150 resistance zone against the US Dollar. The price is trading above the $0.1500 level and the 100 simple moving average (4 hours). However, DOGE could struggle to clear the $0.170 resistance zone. There is a key bearish trend line forming with resistance at $0.170 on the 4-hour chart of the DOGE/USD pair from Kraken.

After a major decline, Dogecoin price found support at $0.1280 and started a decent recovery wave. The price climbed above the $0.1350 and $0.140 resistance levels, showing signs of improvement. However, the bears are still active and protecting more gains. The price is facing resistance near the $0.1690 level and the next major resistance is at $0.170. A close above $0.170 could send the price towards $0.1880 resistance and potentially even $0.200.

If Dogecoin’s price fails to gain pace above the $0.170 level, it could start another decline. In this scenario, initial support on the downside is near the $0.1525 level, followed by the $0.1475 level. A downside break below the $0.1475 level could lead to further decline, potentially towards the $0.1280 level.

The MACD for DOGE/USD is gaining momentum in the bullish zone, indicating a positive trend. The RSI for DOGE/USD is above the 50 level, suggesting potential upward movement in the price.

Dogecoin is currently in a crucial stage where it is attempting a recovery wave but facing resistance at key levels. The price must settle above $0.170 to move into a positive zone and start a fresh surge. Investors are advised to closely monitor the price movements and conduct their own research before making any investment decisions. Trading Dogecoin carries risks, and it is important to use information provided on this website with caution and at your own risk.

Analysis

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