Since it reached a low of $0.060 in relation to the US dollar, Dogecoin has been rising. If DOGE breaks through the $0.0640 resistance area, its upward trend may continue.

  • In relation to the US dollar, DOGE began a respectable rise above the $0.0615 resistance.
  • The price is trading above both the $0.062 mark and the 4-hour 100 SMA.
  • On the DOGE/USD pair’s 4-hour chart (data source from Kraken), a significant rising channel with resistance near $0.0640 is developing.
  • The resistance levels of $0.0638 and $0.0640 may be difficult for the price to overcome.

Dogecoin Price Starts Recovery

The price of Dogecoin found support close to the $0.0595 region following a sharp fall. DOGE has begun a recovery wave and traded as low as $0.0591. The price made a respectable advance above $0.0600 and ended the day at $0.0612.

Recently, Bitcoin steadily rose beyond $27,000, aiding the comeback of cryptocurrencies. Dogecoin is also displaying some promising traits and was successful in breaking through the $0.062 resistance. The bearish movement from the $0.0685 swing high to the $0.0591 low saw a move above the 23.6% Fib retracement line.

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DOGE is currently trading above both the 100 simple moving average (4 hours) and the $0.062 level. The price is meeting resistance near the $0.0638 level on the upside. It is not far from the level of the 50% Fibonacci retracement of the decline from the $0.0685 swing high to the $0.0591 low.

DOGE/USD Price Chart – Source: Tradingview

The first significant barrier is located close to $0.0640. On the DOGE/USD pair’s 4-hour chart, a significant rising channel with resistance near $0.0640 is also developing.

The price may move toward the $0.0670 resistance if the $0.0620 level is closed above. Near $0.0685 is the next significant resistance. The price may move toward the $0.072 mark if there are any further gains.

Are Dips Supported in DOGE?

DOGE’s price may begin a downward decline if it is unable to increase momentum above $0.0640. The initial level of support for the downside is close to $0.0620.

The next significant support is close to the $0.060 mark. The price may drop even more if there is a downward break below the $0.060 support. In the hypothetical situation, the price may drop to approximately $0.0565.

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