DOGE price has been in an upward channel in the past few days. On Friday, by touching the bottom managed to bounce back and reach as high as $0.2450. At that point, it had to back down and today dipped below the middle of the channel at dipped to $0.2330. In this zone, the SMA100 kept the price from further decline and recovered the price up to $0.2350. Currently, the price is around $0.2365.
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DOGE Price Action Analysis
Taking a look at the 1-hour chart, we find DOGE still inside the channel and is continuing forward by bouncing between the ceiling and the bottom. Yesterday, the price reached the top at around $0.2450 but failed to stabilize and dipped below the $0.2350 support today. Once again, the SMA100 kept the price from further decline and brought DOGE back to above $0.2350.
In case the $0.2350 to $0.2330 zone manages to support the price, DOGE could once again reach for the top.
For the bullish scenario, the $0.24 zone is the first resistance level for DOGE price followed by $0.2450 and $0.25.
On the other hand, if the price fails to surpass the $0.24 and lose the $0.2350 support, there could be further price correction.
For the bearish scenario, the $0.2330 near the SMA100 and then the bottom of the channel at $0.23 are the crucial support levels. Further decline and losing the bottom could Bring DOGE down to $0.2250 and $0.22 and give it up.
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 45.
Resistance levels: the first one will be $0.24. Following that, we can expect $0.2450 to $0.2460 zone and then $0.2450 to $0.25 zone to be resistance levels on the way.
Support levels: first and foremost, the $0.2360 to $0.2350 zone will support the price. After that, the $0.2330 will be the next one. And then the $0.2250 and finally $0.22 will support the price next.
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