DOGE Price Prediction – Dogecoin Recovery Could Stall At $0.170

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Dogecoin is making an effort to bounce back above the $0.150 barrier against the US Dollar. However, reaching the $0.170 resistance level may prove challenging for Dogecoin.

    DOGE started a recovery wave from the $0.1280 support zone against the US dollar.
    The price is trading above the $0.1500 level and the 100 simple moving average (4 hours).
    There is a key bearish trend line forming with resistance at $0.170 on the 4-hour chart of the DOGE/USD pair (data source from Kraken).
    The price must settle above $0.170 to move into a positive zone and start a fresh surge.

Dogecoin Price Faces Hurdles

Following a significant drop, Dogecoin’s price bottomed out at $0.1280. A new low of $0.1283 was established, but DOGE then began to bounce back. Its recovery resembled that of Bitcoin and Ethereum. The price surpassed the resistance levels of $0.1350 and $0.140.

The cost broke past the 23.6% Fibonacci mark of the descent from the $0.2093 peak to the $0.1283 trough. Nevertheless, bears remain in control and aim to limit further advancements. A significant bearish trendline is taking shape on the DOGE/USD 4-hour chart, with a resistance level at $0.170.

Dogecoin currently hovers below the $0.1650 mark and falls short of its 4-hour simple moving average. On the brighter side, the resistance lies at around $0.1690 or the halfway point of the price drop from its peak at $0.2093 to its trough at $0.1283.

DOGE Price Prediction – Dogecoin Recovery Could Stall At $0.170

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Another Decline in DOGE?

if the price of DOGE doesn’t rise beyond $0.170, there’s a risk it may drop again. The first line of defense on the decrease lies around $0.1525.

If the price reaches the next significant resistance at around $0.1475, but should we fall beneath the $0.1750 support, the value may drop lower, potentially reaching $0.1280.

Technical Indicators

4 Hours MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.

4 Hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.

Major Support Levels – $0.1525, $0.1475 and $0.1280.

Major Resistance Levels – $0.1690, $0.1700, and $0.200.

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2024-04-22 08:46