Dogecoin (DOGE) Bulls Make A Move — Then Slam Into Resistance
#StrategyBTCPurchase Dogecoin started a recovery wave above the $0.120 zone against the US Dollar. DOGE is now facing hurdles near $0.1240 and might struggle to continue higher.
DOGE price started a recovery wave from $0.1175 and climbed above $0.120.
The price is trading below the $0.1250 level and the 100-hourly simple moving average.
There is a bearish trend line forming with resistance at $0.1240 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price could continue to move up if it stays above $0.1240.
Dogecoin Price Runs Into Resistance
Dogecoin price started a recovery wave from the $0.1175 zone, like Bitcoin and Ethereum. DOGE climbed above the $0.1180 and $0.120 resistance levels.
There was a decent upward move above the 50% Fib retracement level of the downward move from the $0.1277 swing high to the $0.1175 low. However, the bears are active near the $0.1240 level. Besides, there is a bearish trend line forming with resistance at $0.1240 on the hourly chart of the DOGE/USD pair.
Dogecoin price is now trading below the $0.1230 level and the 100-hourly simple moving average. If there is a recovery wave, immediate resistance on the upside is near the $0.1240 level, the trend line, and the 61.8% Fib retracement level of the downward move from the $0.1277 swing high to the $0.1175 low.
The first major resistance for the bulls could be near the $0.1280 level. The next major resistance is near the $0.1320 level. A close above the $0.1320 resistance might send the price toward the $0.140 resistance. Any more gains might send the price toward the $0.1450 level. The next major stop for the bulls might be $0.150.