DOGE price escaped through the bottom at $0.25 from the upward price channel on October 6. It fell to $0.2360 on October 7th. At that point, by reaching the SMA100, the plunge stopped. At that point, it had a chance to reach $0.2550 but once again, failed to surpass this level. By losing the SMA100 today, DOGE crawled back to $0.24. As of now, DOGE price is around $0.2470 and is trying to break through the SMA100.
DOGE Price Action Analysis
Taking a look at the 1-hour chart, we see DOGE is inside a triangle and is moving forward by touching the bottom and the ceiling. Yesterday, by reaching the top at $0.2520 the price had to back down to $0.24 at the bottom.
Currently, the first resistance level for DOGE is at $0.2480 to $0.2490 zone near the SMA100 and the top of the triangle. In case of a successful breakthrough, the $0.25 resistance level will come next. Surpassing this level and stabilizing above it would pave the way to reach $0.2550 and $0.26.
On the other hand, if DOGE fails to surpass the $0.2480 to $0.25 zone, it is likely to reach the bottom once again. For this scenario, the $0.2440 to $0.2420 is the first support level. Losing this level and escaping through the bottom would bring $0.24 as the next support level. Further decline could bring DOGE price back to $0.2350 and then $0.23.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD for Dogecoin is regaining upward momentum.
RSI: the relative strength index is approximately 50.
Resistance levels: the first one will be $0.2480 to $0.2490 zone. Following that, we can expect $0.25 and then $0.26 and $0.2650 to be resistance levels on the way.
Support levels: first and foremost, the $0.2440 to $0.2420 zone will support the price. After that, the $0.24 will be the next one. And then the $0.2360 and finally $0.23 will support the price next.
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