DOGE price dipped as low as $0.1350 on February 3rd but found support and bounced back. Following that, Dogecoin surpassed the $0.1380 and $0.14 and the SMA100. Yesterday, Doge price managed to finally go above $0.1450 and reach $0.15 today. With a pullback, Dogecoin continued upwards and is currently around $0.1505.
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DOGE Price Action Analysis
Taking a look at the 1-hour chart, we see DOGE failing to break the $0.1450 resistance level and had to back down to $0.1350. At that point, by touching the trendline, the price had a chance to recover. Subsequently, Dogecoin quickly surpassed the $0.1450 and climbed as high as $0.15 today.
Currently, the $0.15 is the first resistance level for DOGE. In case of a successful break through, the next resistance levels to follow are $0.1540, $0.1580 and $0.16.
On the other hand, if DOGE price fails to surpass $0.15, there could be a new price correction happening. For the bearish scenario, the $0.1460 is the first support level followed by $0.1440. Following that, the $0.14 near the trendline and the SMA100 is the next support for Dogecoin.
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 78.
Resistance levels: the first one will be at $0.15. Following that, we can expect $0.1550 and then $0.1580 and finally $0.16 to be resistance levels on the way.
Support levels: first and foremost, the $0.1460 will support the price. After that, the $0.1440 will be the next one. And then the $0.1420 and $0.14 will support the price next.
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