Dogecoin is experiencing a volatile period in its value against the dollar. The cryptocurrency has managed to rise above the $0.150 resistance area and is currently trying to overcome a resistance zone at $0.170. However, it has not yet succeeded in doing so.
Dogecoin Makes a Remarkable Attempt to Recover
The DOGE/USD pair’s 4-hour chart shows a significant downtrend line set by the $0.170 resistance. Overcoming this resistance is essential for the cryptocurrency to enter a positive area and begin a new fluctuation.
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Although DOGE is trading above the 100 simple moving average and has experienced a recovery wave from the $0.1280 support level, it is still under the influence of bears. The cryptocurrency has managed to rise above the resistance levels of $0.1350 and $0.140, but it is currently trading below the $0.1650 level and the 100 simple moving average.
If Dogecoin (DOGE) Rise Fails
If DOGE’s price fails to stabilize above the $0.170 level, the next step could be a downward decline. The first support level downward is around $0.1525, followed by another support level at $0.1475. If the critical support level of $0.1475 experiences a downward break, the price could fall further, potentially retreating to the $0.1280 levels.
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Technical Indicators Show Soaring Momentum
On the other hand, DOGE/USD pair’s 4-hour MACD is gaining momentum in the bullish zone, indicating a possible price rise. Similarly, the 4-hour RSI for the DOGE/USD pair is also trending above the 50 level, indicating a potential upward trend in price.
DOGE has set support levels at $0.1525, $0.1475, and $0.1280, while resistance levels are observed at $0.1690, $0.1700, and $0.200.