NewsBTC
24 December 2024
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Dogecoin Price Shows Signs of Recovery Above $0.30 Level

Dogecoin (DOGE) has approached the $0.2620 support against the US Dollar and is currently recovering losses, with potential traction if it surpasses the $0.3350 resistance.

  • DOGE price initiated a recovery wave above $0.30.
  • The price trades above $0.320 and the 100-hourly simple moving average.
  • A break occurred above a bearish trend line with resistance at $0.3120 on the DOGE/USD hourly chart (data source from Kraken).
  • The price may gain momentum by clearing the $0.3350 and $0.350 resistance levels.

Dogecoin Price Recovery

Dogecoin experienced a decline from over $0.3550, similar to Bitcoin and Ethereum. It fell below the $0.3350 and $0.320 support levels, reaching a low of $0.2613.

Following this, the price began to recover, climbing above $0.300 and testing the 23.6% Fibonacci retracement level from the $0.4095 swing high to the $0.2613 low.

A breakout above the bearish trend line at $0.3120 occurred, positioning Dogecoin above $0.320 and the 100-hourly simple moving average.

Immediate upside resistance is near $0.3350, with significant resistance around $0.3520 or the 61.8% Fibonacci retracement level from the previous high to low.

Dogecoin Price

The next major resistance is around $0.3750. A close above this level could lead to further increases towards $0.3880 and potentially up to $0.40, with a significant target at $0.4120 for bulls.

Potential Decline in DOGE

If DOGE fails to exceed $0.3350, it may face another decline. Initial downside support is at $0.30, followed by major support near $0.2850.

The critical support level is at $0.2620; a breach here could lead to declines towards $0.250 or even $0.2320 in the short term.

Technical Indicators:

  • Hourly MACD: Gaining momentum in the bullish zone.
  • Hourly RSI: Above the 50 level.
  • Major Support Levels: $0.3000 and $0.2850.
  • Major Resistance Levels: $0.3350 and $0.3500.