DOGE price set on a new rally on June 18th from the $0.050 support and surpassed $0.060. Subsequently, Dogecoin climbed all the way up to $0.070 but failed to surpass that level and had to back down. With that, the price had a correction and fell down to $0.062. Once again, it had support from the SMA100 and is currently trading at $0.068.
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DOGE Price Action Analysis
Taking a look at the 4-hour chart, we see DOGE price failing down to $0.050 following the two-week bear market. However, that seems to be the bottom and Dogecoin managed to recover. By surpassing $0.055 and $0.060, Dogecoin came to face the strong $0.070 resistance level.
Currently, the downtrend at $0.70 is the first resistance level for Dogecoin. In case of a successful break through, the $0.075 is the next resistance. Following that, the $0.80 to $0.085 will come next while the $0.1 is the key resistance level for the price. On the other hand, if DOGE price fails to surpass $0.068 to $0.070, we could expect further decline.
For that, the $0.060 is the first support level for the price. In case of losing this level, the $0.055 will be the next support. Further decline can bring Dogecoin down to $0.050.
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 $0.070. Following that, we can expect $0.075 and then $0.085 and finally $0.1 to be resistance levels on the way.
Support levels: first and foremost, the $0.060 will support the price. After that, the $0.050 will be the next one.
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