DOGE price fell as low as $0.1250 on April 25th but managed to find support and bounce back. With that, the price started to recover and with a 30% rally Dogecoin reached $0.17. However, it failed to stabilize and went straight for a correction. Following that, DOGE price lost the $0.15 support and fell back down to $0.1360. At that point, Dogecoin found support at the broken trendline and did not fall further. Currently, DOGE price is at $0.14.

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DOGE Price Action Analysis

Taking a look at the 4-hou chart, we see DOGE has been inside a falling wedge pattern. After touching the bottom on April 25th, the price managed to start a new rally surpassing $0.14 resistance level and even briefly reaching $0.17. Yet, by reaching this resistance level, it had to back down. Moreover, Dogecoin lost the $0.15 and $0.14 support levels on the SMA100 and fell as low as $0.1360. Once again, the bottom of the pattern supported the price.

Currently, the $0.1380 is the key support level for DOGE and in case of a successful breakthrough, DOGE price can recover. In that case, the $0.1450 will be the first resistance level followed by $0.15 near the 50% Fibonacci retracement level. For this scenario, DOGE will have a chance to surpass $0.155 and $0.16.

On the other hand, if DOGE price fails to surpass $0.1450 and $0.15, we could expect further decline. In that case, the $0.1380 and $0.1350 will be crucial support levels for the price. Further decline can bring Dogecoin down to $0.1280 and $0.1250.

The Technical Indicators

MACD indicator: at the time of writing this article the 4-hour MACD for Dogecoin is taking back the upward momentum.

RSI: the relative strength index is approximately 40.

Resistance levels: the first one will be at $0.1450. Following that, we can expect $0.15 and then $0.1550 and finally $0.16 to be resistance levels on the way.

Support levels: first and foremost, the $0.14 will support the price. After that, the $0.1350 will be the next one. And then the $0.13 and finally $0.1280 will support the price next.


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