DOGE price failed to surpass $0.2750 on Tuesday and lost the $0.26 and $0.25 support levels in a price correction. At some point, the price touched the $0.22 to $0.2180 zone but with great support from buyers managed to reach back above $0.23. By stabilizing above $0.23 DOGE price started a new uptrend that brought it above $0.25. The trend failed to break the downtrend and the price came down to $0.2340 today. To follow that, the price started a new uptrend and bounced back by breaking the downtrend at $0.2450. DOGE managed to surpass the $0.26 and $0.2750 and even reach $0.33. Once again, it failed to stabilize there and as of now the price is at $0.30.
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DOGE Price Action Analysis
Taking a look at the 1-hour chart, we can see DOGE failing to surpass $0.2750 before a price correction and coming down as much as $0.22 yesterday. However, by gaining good support at $0.23 and forming a double bottom managed to pivot upward. It seems that the primary cause for the uptrend is the decline of Shiba Inu. It is due to the fact that investments are now getting out of SHIB running into DOGE.
Currently, DOGE price is having a price correction. At this point, the $0.29 is the first support level. Following that, the $0.28 and $0.2750 are the next support levels to expect. Then, the SMA100 near the $0.26 can stop the downtrend if needed.
On the other hand, if DOGE manages to gain support at a support level, we can expect the uptrend to continue. For this scenario, the first resistance level is at $0.33. Surpassing this level would bring $0.35, $0.38 and $0.40 as the next resistance level for the price.
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 77.
Resistance levels: the first one will be $0.30. Following that, we can expect $0.35 and then $0.38 to $40 zone to be resistance levels on the way.
Support levels: first and foremost, the $0.29 will support the price. After that, the $0.28 to $0.2750 zone will be the next one. And finally $0.26 will support the price next.
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