DOGE price peaked at $0.13 on February 24th and with a slight correction came down to $0.12. At that point, DOGE found support from the trendline and continued upwards all the way up to $0.1390 to $0.14. Yesterday, DOGE faced a strong resistance at this level and had to back down. Currently, DOGE price is around $0.1330.
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DOGE Price Action Analysis
Taking a look at the 1-hour chart, we see DOGE facing strong resistance at $0.13 and dipping as low as $0.12 on February 27th. Subsequently, the price had a chance to remain bullish and finally managed to surpass $0.1260 on February 28th. After that, Dogecoin finally surpassed $0.13 and closed in on $0.14. Yesterday, DOGE price peaked at $0.14 and had to back down with a price correction.
At this point, the $0.13 is the key support level for DOGE price. In case of a successful support, Dogecoin can retest $0.1390 to $0.14. In case of a successful break through, the $0.1450 and $0.15 are the next resistance levels to follow.
On the other hand, if DOGE price fails to surpass $0.14 and loses the $0.13 support, we should expect further decline. For the bearish scenario, the $0.1280 near the SMA100 is the next support level. Further decline can bring DOGE price as low as $0.12.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD for Dogecoin is on a downward momentum.
RSI: the relative strength index is approximately 50.
Resistance levels: the first one will be at $0.14. Following that, we can expect $0.1450 and then finally $0.15 to be resistance levels on the way.
Support levels: first and foremost, the $0.13 will support the price. After that, the $0.1280 will be the next one. And then the $0.1250 and finally $0.12 will support the price next.
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