DOGE bounces off make or break level but bears aren’t out of the woods

  • DOGE/USD extends corrective pullback from 200-bar SMA.
  • RSI recovery from oversold area backs the latest run-up.
  • The downward sloping trend line from February 07 keeps sellers hopeful.

DOGE/USD holds on to the previous bounce-off key SMA while picking up bids near 0.0480 during early Wednesday. The altcoin recently picked up bids as RSI bounces off oversold territory.

While the recovery moves eye a fortnight-old resistance line, currently around 0.0555, further upside needs to overcome bearish MACD before challenging the previous week’s top near 0.0660.

In a case where Dogecoin bulls remain dominant past-0.0660, the double tops near the monthly high of 0.0880 will be the key to watch.

Alternatively, a downside break of 200-bar SMA level of 0.0447 will recall the sub-0.0300 area while targeting the late-January swing lows near 0.0220.

Overall, DOGE/USD consolidates the gains with intermediate bounces off key support.

DOGE/USD four-hour chart

Trend: Further weakness expected

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