DOGE price had strong decline on February 21st and lost a key support level at $0.1350 and fell as low as $0.1250 yesterday. Following that, the price found support and managed to recover. Subsequently, Dogecoin climbed back to $0.13 and continued with a slight pullback to $0.1280. Today, DOGE price reached all the way up to $0.1320 but failed to break through. Currently, Dogecoin is trading around $0.1310.
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DOGE Price Action Analysis
Taking a look at the 1-hour chart, we see DOGE managed to find support at $0.1250 and bounce back. Having stabilized above that level, Dogecoin managed to climb back up to $0.13.
At this point, the first resistance level for DOGE is at $0.1330 near the trendline. In case of a successful break through, the next level is at $0.1350 near the SMA100. Following that, the next resistance level is at $0.1370.
On the other hand, if DOGE price fails to surpass $0.1330, there could be another price correction to follow. For the bearish scenario, the first support level is at $0.13. In case of losing this level, the next support is at $0.1280. Further decline can bring the price down to $0.1250.
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 52.
Resistance levels: the first one will be at $0.1330. Following that, we can expect $0.1350 and then $0.1370 and finally $0.14 to be resistance levels on the way.
Support levels: first and foremost, the $0.13 will support the price. After that, the $0.1280 will be the next one. And then the $0.1250 will support the price next.
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