Having failed to surpass $0.3250 on August 18th, DOGE price had to back down to $0.2950 yesterday. At that point it found good support and managed to pivot upward. Subsequently, by breaking the downward trendline DOGE price managed to start a new upward trend around $0.30 and broke the $0.31 in order to reach $0.32. As of now, DOGE price had to go through a brief price correction and is around $0.3160.
DOGE Price Action Analysis
Taking a look at the 1-hour chart, we see DOGE inside a triangle pattern in the past few days. However, yesterday it managed to break through the top at $0.31. During this bull run, DOGE price touched $0.3240 but with a slight pullback to $0.31, we expect DOGE to continue bullish.
For the bullish scenario, the first resistance level is expected to be the $0.3240 to $0.3250 zone. Following that, the $0.3350 to $0.34 zone and then $0.35 to $0.36 zone will follow.
On the other hand, if DOGE price fails to surpass the $0.3240 to $0.3250 zone, the price correction will likely continue.
For the bearish scenario, the first support level is near the SMA100 at $0.3150 and then the $0.31 near the 50% Fibonacci retracement will follow.
Any further decline could bring the price down to $0.30 near the broken trendline. Following that, the $0.2950 and then the $0.2850 to $0.28 zone will support the price next.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD for Dogecoin is on an upward momentum.
RSI: the relative strength index is approximately 55.
Resistance levels: the first one will be $0.3240 to $0.3250 zone. Following that, we can expect $0.3350, $0.34 and then $0.35 and $0.36 to be resistance levels on the way.
Support levels: first and foremost, the $0.3150 to $0.31 zone will support the price. After that, the $0.3050 will be the next one. And then the $0.29, $0.2850 to $0.30 zone will support the price next.
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