DOGE price managed to surpass the $0.1380 as well as the SMA100 and reached all the way up to $0.1540. At that point, by reaching the downward trendline, it turned down for a price correction. Following that, DOGE price lost the $0.14 at SMA100 but once again found support and did not go further down. Subsequently, the price continued to climb and is currently around $0.142.
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DOGE Price Action Analysis
Taking a look at the 1-hour chart, we see DOGE price inside an upward channel starting from January 22. Within this channel, Dogecoin reached the top at $0.1540 on January 26 and had to back down. After that, the price reached the bottom at $0.1380 but bounced back.
Currently, the first resistance level is at $0.1450 to $0.1480 zone near the 50% Fibonacci retracement level. In case of a successful break through from the $0.15, the $0.1550 and then the $0.16 will be the next key resistance levels for the price.
On the other hand, if DOGE fails to surpass the $0.1450 to $0.1470 zone and loses the $0.14 at the bottom, we should expect further decline. For this scenario, the $0.1350 is the next key support level followed by $0.13 and $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 54.
Resistance levels: the first one will be at $0.1470. Following that, we can expect $0.15 and then $0.1550 and finally $0.16 to be resistance levels on the way.
Support levels: first and foremost, the $0.14 will support the price. After that, the $0.1350 will be the next one. And then the $0.13 and $0.1250 will support the price next.
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