Positive indicators are emerging for Dogecoin (DOGE), though the recovery remains delicate
Dogecoin's resurgence started above $0.120 against the US Dollar. The cryptocurrency might find it challenging to surpass the $0.1280 mark.
Since hitting $0.1150, DOGE has climbed above $0.120.
The price remains below $0.130 and the 100-hour simple moving average.
On the hourly chart, DOGE/USD broke through a bearish trend line, encountering resistance at $0.1240.
Dogecoin, like Bitcoin and Ethereum, saw a rebound from the $0.1150 level. DOGE then broke through the $0.1180 and $0.120 barriers.
Following a decline from the $0.1512 swing high to the $0.1154 low, prices have moved above the 23.6% Fibonacci retracement line. Furthermore, the DOGE/USD hourly chart also broke above a bearish trend line, facing resistance around $0.1240.
Dogecoin is currently below $0.130 and the 100-hourly SMA. Should a further rally occur, immediate upward resistance is at $0.1260. Bulls could encounter initial resistance at $0.1285.
The immediate hurdle is $0.1330, a key 50% Fibonacci retracement of the drop from the $0.1512 peak to the $0.1154 low. A close above $0.1330 could see prices move towards $0.1420. Further gains might then push the price towards $0.150. Bulls could encounter resistance at $0.1550.
Could DOGE See Another Decline?
DOGE could keep falling if it can't surpass $0.1280. Initial bearish support sits at $0.1230. The next significant support level is near $0.120.
The primary support level is $0.1150. A break below $0.1150 could lead to further declines. The price might then drop to $0.1080 or even $0.1050 in the near term.
