DOGE price had found support at $0.50 in the last few days and found the opportunity for a rally. With that, Dogecoin managed to surpass $0.060 and $0.070 and reach $0.080. Yet, the price failed to break through this level and went for a correction. Subsequently, Dogecoin lost the $0.070 support on the SMA100. Currently, DOGE price is at $0.065.
DOGE Price Action Analysis
Taking a look at the 4-hour chart, we see Dogecoin making an initial bull run starting from $0.050. Following that, the price managed to surpass $0.060 and $0.070 and climb all the way up to $0.080. At this point, it had to back down with a correction.
Currently, the $0.065 is the first support level for Dogecoin. In case of good support, DOGE price could make another attempt to surpass $0.080. Before that, it must surpass $0.070 on the SMA100 followed by $0.075. After that, the $0.090 and $0.1 are the next resistance levels for Dogecoin.
On the other hand, if Dogecoin fails to surpass $0.070 and $0.075 and subsequently loses the $0.065, there could be further correction to follow.
With that, the $0.060 will be the next support level for Dogecoin. Further decline can bring DOGE price down to $0.055 and $0.050.
The Technical Indicators
MACD indicator: at the time of writing this article the 4-hour MACD for Dogecoin is on a downward
RSI: the relative strength index is approximately 40.
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.
HiExchange is a decentralized online platform to exchange your cryptocurrencies and e-currencies. We utilize an automated system to determine the best exchange rates at any moment. Furthermore, HiExchange does not require KYC or a sign-up process. Also, the platform offers 24/7 customer support.
To learn how to exchange your cryptocurrencies to PayPal you can read our instructional article.
For more instructional content, you can always visit HiExchange Blog