DOGE price continued on the rally starting from $0.1450 and reached $0.16 yesterday. Following a slight price correction, DOGE found support at $0.1550 and had a chance to reach $0.17 today. At some point, Dogecoin hit the $0.1730 high but failed to stay green and had another correction. With the support at $0.16, the price had another attempt to surpass $0.17 but failed and is now around $0.1650.
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DOGE Price Action Analysis
Taking a look at the 1-hour chart, we see DOGE started a rally on February 3rd from $0.1350 and managed to surpass $0.15 and $0.16. Yesterday, by reaching the $0.1730, Dogecoin had to back down and have a price correction.
Currently, the $0.1650 is the first support level for the price. In case, this level holds DOGE, the uptrend will continue. In this case, the $0.17 and $0.1730 to $0.1740 will be the next resistance levels. Following that, the $0.1780 to $0.18 zone will be next.
On the other hand, if DOGE price fails to surpass the $0.17 and loses the $0.1650, we could expect a deep correction to follow. For the bearish scenario, the $0.1590 is the next support level followed by $0.1550.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD for Dogecoin is on a downward momentum.
RSI: the relative strength index is approximately 58.
Resistance levels: the first one will be at $0.17. Following that, we can expect $0.1740 and then $0.1780 and finally $0.18 to be resistance levels on the way.
Support levels: first and foremost, the $0.1650 will support the price. After that, the $0.1590 will be the next one. And then the $0.1570 and $0.15 will support the price next.
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