DOGE price failed to surpass $0.1380 on May 5 and by losing the $0.1250 and $0.12 fell as low as $0.10. With that, it found support on the trendline and managed to bounce back. Subsequently, it managed to recover all the way up to $0.1180 but failed to break through. Currently, DOGE price is at $0.1080.
DOGE Price Action Analysis
Taking a look at the 4-hour chart, we see DOGE still inside a downward channel while consolidating between top and bottom. Yesterday, Dogecoin hit the bottom at $0.10 and found support. Following that, it set on recovery and reached $0.1180. Once again, DOGE failed to surpass this level and went for a correction.
Currently, the $0.1050 is the first resistance level for the price. In case of a successful breakthrough, Dogecoin can reattempt $0.1180 and $0.12 near the SMA100. After that, the $0.1250 and $0.13 will be the next resistance levels for Dogecoin.
Onn the other hand, if DOGE price fails to surpass $0.1180 to $0.12 and subsequently loses the $0.1050, further decline will follow.
For the bearish scenario, the $0.10 is the key support level for the price. In case of losing it, the $0.90 and $0.80 will be the next support levels.
The Technical Indicators
MACD indicator: at the time of writing this article the 4-hour MACD indicator for DOGE is on a downward momentum.
RSI: the 1-hour relative strength index is currently 35.
Resistance levels: Right now, the $0.12m $0.1250, $0.13 and $0.14 are key resistance levels for DOGE.
Support levels: The $0.1050, $0.10, $0.9 and $0.8 are the support levels for the price.
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