DOGE price failed to surpass $0.078 on July 20 and had to back down to $0.060 on July 26. With that, Dogecoin found support on the trendline and managed to stabilize. Subsequently, it had a chance for some bullish action and surpassed $0.065 on the SMA100 and reached $0.073. At that point, DOGE price faced strong resistance and is currently trading at $0.07.
DOGE Price Action Analysis
Taking a look at the 4-hour chart, we see DOGE price stuck in a triangle pattern while the bottom is located on a trendline. The top part is at $0.078 as a key resistance level for the price. On July 20th, Dogecoin reached the top part at $0.078 but failed to break through. Following that, it fell down to the bottom part at $0.060 on July 26. As expected, the buyers provided support and Dogecoin managed to bounce back moving towards the top. Once again, the price surpassed the SMA100 at $0.065 and climbed all the way up to $0.073.
Currently, the $0.70 to $0.065 zone is the key support level for the price. In case of successful support, we can expect Dogecoin to make another attempt to escape from the top at $0.078. With that, the $0.075 is the first resistance level followed by $0.080. After that, the $0.085 and $0.090 will be next.
On the other hand, if DOGE price fails to surpass $0.073 and subsequently loses the $0.065 support, further decline will follow.
For the bearish scenario, the $0.063 on the trendline is the key support level. Further bear action will bring Dogecoin as low as $0.050 and $0.058.
The Technical Indicators
MACD indicator: at the time of writing this article the 4-hour MACD for Dogecoin on an upward momentum.
RSI: the relative strength index is approximately 60.
Resistance levels: the first one will be at $0.075. Following that, we can expect $0.075 and then $0.085 and finally $0.090 to be resistance levels on the way.
Support levels: first and foremost, the $0.065 will support the price. After that, the $0.058 will be the next one.
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