DOGE is not having a good time being on a downward channel. It reached $0.26 at the bottom of the channel yesterday, yet had good support and managed to pivot upward again. During the run DOGE price broke the downward trendline at around $0.2750 to $0.2760 and gained momentum to reach $0.30. Today however, the upward trend had to halt and DOGE price settled back down around $0.29. As of now, DOGE price is around $0.2930 and the $0.29 is supporting the price.
DOGE Price Action Analysis
Taking a look at the 1-hour chart, we see DOGE price is a downward channel, ranging between the top and the bottom. Yesterday, DOGE came down near the bottom at $0.26 but found support and aimed for the top of the channel once again. During that run, DOGE price surpassed the downward trend line at $0.2760 and managed to reach $0.30 with a pullback. At that point however, DOGE faced resistance and went for a correction today.
Today, DOGE price had a correction, bringing it down to $0.29 near the 23.6% Fibonacci retracement level. It found support at this level and we expect it to shoot for $0.2980 to $0.30 one more time. In that case, the $0.3060 and then the $0.31 will be the important resistance levels at the top of the channel for DOGE. If DOGE escapes from the top, the next resistance level will be at $0.32.
On the other hand, if DOGE price fails to surpass the $0.30 and lose the $0.29 supports, further price correction will follow.
For the bearish scenario, the $0.2870 near the SMA100 and then the $0.2820 to $0.28 near the 50% Fibonacci retracement level will stand to support DOGE. By losing these crucial points, the next support levels will be the $0.2750 and $0.27. Further decline would bring the price down to $0.2670 to $0.2650 and then the $0.2620 to $0.26.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD for Dogecoin is on a weak upward momentum.
RSI: the relative strength index is approximately 63.
Resistance levels: the first one will be $0.2980 to $0.30 zone. Following that, we can expect $0.3050 to $0.3060 and then $0.3130 and $0.32 to be resistance levels on the way.
Support levels: first and foremost, the $0.29 will support the price. After that, the $0.2875 will be the next one. And then the $0.2820 and finally $0.2750 to $0.27 zone will support the price next.
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