DOGE price faced a rejection from $0.14 on March 1st and turned downwards. By losing the $0.13 support near the SMA100, Dogecoin fell as low as $0.12 but had support at this level and did not go further down. Following that, the price started a new uptrend and climbed to $0.1250. Once again, it could not surpass this level and had to halt. Currently, DOGE is trading at $0.1245 and trying to surpass the downward trendline.
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DOGE Price Action Analysis
Taking a look at the 1-hour chart, we see DOGE price has been on a downward channel for the past few days. Subsequently, the price touched the bottom at $0.12 yesterday and climbed to the top today.
Currently, the first resistance level for Dogecoin is at $0.1250 on top of the channel. In case of a successful break through, the $0.1280 near the SMA100 will be next. Following that, the $0.13 and $0.1350 are the next resistance levels for Doge price.
On the other hand, if DOGE price fails to surpass $0.1250, the correction will continue. For this case, the $0.12 will be the first support level followed by $0.1179 to $0.1150 zone. Further decline can bring DOGE as low as $0.11.
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 53.
Resistance levels: the first one will be at $0.1250. Following that, we can expect $0.1280 and then $0.13 and finally $0.1350 to be resistance levels on the way.
Support levels: first and foremost, the $0.12 will support the price. After that, the $0.1170 will be the next one. And then the $0.1150 and finally $0.11 will support the price next.
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