Dogecoin is recovering higher from the $0.060 level against the US Dollar. DOGE could continue to rise if it clears the $0.0640 resistance zone.
- DOGE started a decent increase above the $0.0615 resistance against the US dollar.
- The price is trading above the $0.062 level and the 100 simple moving average (4 hours).
- There is a key rising channel forming with resistance near $0.0640 on the 4-hour chart of the DOGE/USD pair (data source from Kraken).
- The price could struggle to clear the $0.0638 and $0.0640 resistance levels.
Dogecoin Price Starts Recovery
After a major decline, Dogecoin price found support near the $0.0595 zone. DOGE traded as low as $0.0591 and recently started a recovery wave. There was a decent move above $0.0600 and the price settled above $0.0612.Recently, Bitcoin saw a steady increase above $27,000 and helped altcoins in recovery. Dogecoin is also showing a few positive signs and was able to clear the $0.062 resistance. There was a move above the 23.6% Fib retracement level of the downward move from the $0.0685 swing high to the $0.0591 low.
DOGE is now trading above the $0.062 level and the 100 simple moving average (4 hours). On the upside, the price is facing resistance near the $0.0638 level. It is close to the 50% Fib retracement level of the downward move from the $0.0685 swing high to the $0.0591 low.
The first major resistance is near the $0.0640 level. Besides, there is a key rising channel forming with resistance near $0.0640 on the 4-hour chart of the DOGE/USD pair.