DOGE price found support at $0.060 on the trendline on July 26 and had a chance to bounce back. With that, the price surpassed $0.065 and $0.070 and reached $0.075 on July 30. At that point, the selling pressure increased and Dogecoin had to back down. Subsequently, it lost the $0.070 support and is currently trading at $0.066.
DOGE Price Action Analysis
Taking a look at the 4-hour chart, we see DOGE price stuck in a triangle pattern while the bottom part is on a trendline. The top part is located at $0.078 as the key resistance level for the price. On July 26, Dogecoin fell down to the bottom at $0.060 and found support as expected. Once again, the price bounced back and moved to the top of the triangle. With a rally, the price surpassed the SMA100 at $0.065 and reached $0.075. At that point, the selling pressure pushed the price back down.
Currently, the $0.063 is the first support level for DOGE and in case of good support, it can push upwards in short-term. For this scenario, Dogecoin will approach the top of the triangle at $0.078. In order to do so, it must first surpass $0.070 and $0.075 levels. After that, the $0.080, $0.085 and $0.090 are the next resistance levels.
On the other hand, if DOGE price fails to surpass $0.070 and subsequently loses the $0.063, we could expect further decline to follow.
For the bearish scenario, the $0.060 is the key support level. Further decline can bring Dogecoin below the triangle at $0.055 to $0.050 zone.
The Technical Indicators
MACD indicator: at the time of writing this article the 4-hour MACD for Dogecoin on a downward momentum.
RSI: the relative strength index is approximately 40.
Resistance levels: the first one will be at $0.070. Following that, we can expect $0.075 and then $0.085 and finally $0.090 to be resistance levels on the way.
Support levels: first and foremost, the $0.065 will support the price. After that, the $0.060 will be the next one.
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