BEARISH 📉 : Dogecoin faces resistance at $0.1240 despite recovery attempt

Dogecoin (DOGE) is experiencing a recovery wave against the US Dollar, moving above $0.120 from a low of $0.1175.

DOGE climbed past resistance levels at $0.1180 and $0.120.
The price remains below $0.1250 and the 100-hourly simple moving average.
A bearish trend line is forming with resistance at $0.1240 on the hourly chart.
If DOGE holds above $0.1240, further upward movement is possible.

Current Price Resistance

The recovery saw movement above the 50% Fibonacci retracement level, but bears are active near $0.1240. Critical resistances are identified at $0.1280 and $0.1320, with potential targets at $0.140 and $0.1450 if surpassed.

Potential Decline

Failure to rise above $0.1240 could lead to a decline. Initial support is at $0.120, followed by major supports at $0.1180 and $0.1150. A break below $0.1150 may result in a drop towards $0.1080 or even $0.1050.

Technical Indicators

Hourly MACD: Losing momentum in the bearish zone.
Hourly RSI: Above the 50 level.
Major Support Levels: $0.1180, $0.1150.
Major Resistance Levels: $0.1240, $0.1280.

Dogecoin Price