DOGE price is still consolidating inside a channel since March 10th and it did not escape it yesterday. By touching $0.1140 on March 11th, Dogecoin climbed up to $0.1170 but failed to go further up. Subsequently, the price came down to $0.1140 where it found support and did not lose this level. Currently, DOGE price is trading around $0.1150 to $0.1160.
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DOGE Price Action Analysis
Taking a look at the 1-hour chart, we see Dogecoin is consolidating in a tight range. Basically, DOGE price is moving between $0.1140 to $0.1180. At this point, the $0.1140 is the key support level for the price. In case the price remains above this level, it could charge up for a new bull run.
For the bullish scenario, the $0.1180 and the SMA100 will be the first resistance level for the price. Following that, the $0.1190 to $0.12 near the 50% Fibonacci retracement level for the latest dip is the next one. In case of a successful breakthrough, the $0.1220 and $0.1250 will be the next resistance levels for DOGE.
On the other hand, if DOGE price fails to surpass the $0.1180 and loses the $0.1140, we can expect further decline to follow. For the bearish scenario, the $0.1120 to $0.11 is the key support level. Further decline can bring DOGE price as low as $0.1050.
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 50.
Resistance levels: the first one will be at $0.1180. Following that, we can expect $0.12 and then $0.1220 and finally $0.1250 to be resistance levels on the way.
Support levels: first and foremost, the $0.1140 will support the price. After that, the $0.11 will be the next one. And then the $0.1070 and finally $0.1050 will support the price next.
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