DOGE price had a surge starting from January 10 from $0.14 and managed to surpass $0.15, $0.16 and $0.1750. Yesterday, DOGE reached $0.216 thanks to Elon. However, it failed to stabilize above $0.20 and went for a price correction. Following that, the price found support and did not decline further. With that, Dogecoin had a chance to grow again and as of now DOGE price is around $0.19.
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DOGE Price Action Analysis
Taking a look at the 1-hour chart, we see DOGE starting a strong rally from $0.14. It surpassed the key resistance levels of $0.16 and $0.1750 and finally reached $0.216. Unfortunately, the price faced a strong resistance and had to back down. Subsequently, DOGE crawled back as low as $0.18 and found support at that point for another attempt of recovery.
Currently, the first resistance level for Dogecoin is at $0.20 near the 50% to 61.8% Fibonacci retracement level from the latest fall. In case DOGE price breaks through, the $0.2150 to $0.2160 and then the $0.2250 to $0.23 range will be the next resistance levels.
On the other hand, if Dogecoin fails to surpass the $0.1980 to $0.20 range, there could be a deeper correction ahead. For the bearish scenario, the $0.19 to $0.18 range will be the first support level. After that, the $0.18 to $0.1750 will support the Japanese dog next. If DOGE price loses these levels, the SMA100 near $0.17 to $0.1680 is the key support level for the price.
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 56.
Resistance levels: the first one will be $0.1980 to $0.20 zone. Following that, we can expect $0.2160 and then $0.2250 and $0.23 to be resistance levels on the way.
Support levels: first and foremost, the $0.19 to $0.1860 will support the price. After that, the $0.18 to $0.1750 will be the next one. And then the $0.1680 will support the price next.
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