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Dogecoin (DOGE) has started a recovery move above the $0.0940 zone against the US Dollar, but the price is now running into hurdles near $0.0975 and may struggle to extend gains further.
DOGE began a recovery wave from the $0.0925 zone, moving above the $0.0935 and $0.0942 resistance levels. The rebound also pushed above the 23.6% Fibonacci retracement level of the decline from the $0.1021 swing high to the $0.0926 low.
Despite the upward move, selling pressure remains active around the $0.0970 area. On the hourly chart for the DOGE/USD pair, a rising channel is forming, with resistance near $0.0970.
The price is currently trading above $0.0950 and the 100-hour simple moving average. If another recovery wave develops, immediate resistance is near $0.0970. The first major resistance for buyers could be around $0.0975, or at the 50% Fibonacci retracement level of the same $0.1021-to-$0.0926 decline.
Beyond that, the next major resistance is near the $0.10 level. A close above $0.10 could move the price toward the $0.1020 resistance. Further upside targets mentioned include $0.1065, with $0.1120 identified as the next major stop for bulls.
If DOGE fails to climb above $0.0975, the price could continue moving lower. Initial support on the downside is near $0.0950, followed by the next major support around $0.0932.
The main support sits at $0.0925. If that level breaks to the downside, the article notes the price could slide toward $0.090, and potentially as low as $0.0880 in the near term.
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