Dogecoin (DOGE) Rebound Stumbles, Opening Door To Another Selloff
#CZAMAonBinanceSquare Dogecoin started a recovery wave above the $0.10 zone against the US Dollar. DOGE is now facing hurdles near $0.1065 and might struggle to continue higher.
DOGE price started a recovery wave from $0.095 and climbed above $0.10.
The price is trading below the $0.110 level and the 100-hourly simple moving average.
There was a break above a bearish trend line with resistance at $0.1060 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price could continue to move up if it stays above $0.10.
Dogecoin Price Runs Into Resistance
Dogecoin price started a recovery wave from the $0.0950 zone, beating Bitcoin and Ethereum. DOGE climbed above the $0.10 and $0.1050 resistance levels.
There was a decent upward move above the 23.6% Fib retracement level of the downward move from the $0.1185 swing high to the $0.0948 low. Besides, there was a break above a bearish trend line with resistance at $0.1060 on the hourly chart of the DOGE/USD pair.
However, the bears are active near the $0.1065 level and the 50% Fib retracement level of the downward move from the $0.1185 swing high to the $0.0948 low. Dogecoin price is now trading below the $0.1065 level and the 100-hourly simple moving average.
If there is another recovery wave, immediate resistance on the upside is near the $0.1060 level. The first major resistance for the bulls could be near the $0.1065 level. The next major resistance is near the $0.1120 level. A close above the $0.1120 resistance might send the price toward the $0.1185 resistance. Any more gains might send the price toward the $0.120 level. The next major stop for the bulls might be $0.1250.