Dogecoin has been struggling to recover above the $0.1150 resistance zone against the US Dollar. The price is currently trading below $0.1080 and the 100-hourly simple moving average. There is a short-term bearish trend line forming with resistance at $0.1050 on the hourly chart of the DOGE/USD pair. In order to gain bullish momentum, the price must settle above $0.1080 and $0.1150.
After reaching a high near $0.1141, Dogecoin started a fresh decline, remaining below the $0.1150 resistance zone. The price dipped below the $0.1080 support level and is currently trading below the 100-hourly simple moving average. The bulls are active near the $0.100 zone, but the price is still struggling to make significant gains.
If there is a fresh increase, the price might face resistance near the $0.1050 level. A close above $0.1080 could send the price towards the $0.1150 resistance, with further gains potentially reaching the $0.1250 level. On the other hand, if the price fails to gain momentum above $0.1150, it could continue to move down. The initial support on the downside is near $0.100, followed by $0.0950 and $0.0850 levels.
Technical indicators show that the MACD for DOGE/USD is gaining momentum in the bearish zone, while the RSI is below the 50 level. Major support levels are at $0.100, $0.0950, and $0.0850, while major resistance levels are at $0.1050, $0.1080, and $0.1150.
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In conclusion, while Dogecoin faces challenges in recovering above key resistance levels, expert analysis and technical indicators provide valuable insights for investors navigating the volatile cryptocurrency market. It is essential for investors to conduct their own research and make informed decisions when dealing with investments.
