DOGE price lost the $0.10 support level on May 11 and fell down to $0.07 on May 12. At that point, it managed to find support and set for recovery. Yesterday, DOGE climbed up to $0.095 but faced a strong resistance and had to back down. Currently, DOGE price is at $0.090.
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DOGE Price Action Analysis
Taking a look at the 4-hour chart, we see DOGE failing to surpass $0.12 on May 10th and having a plunge while Bitcoin crashed. With that, Dogecoin lost the $0.10 support level and dipped as low as $0.070. However, as the buyers started to support the price, it managed to have a small bounce back.
Currently, the $0.10 on the SMA100 is the key resistance level for DOGE. In case of a successful breakthrough, the $0.11 on the trendline and $0.12 on the 50% Fibonacci retracement level will be the next resistance levels for DOGE.
On the other hand, if DOGE price fails to surpass $0.10, it could face deeper price correction. For the bearish scenario, the $0.0.85 to $0.080 will be the first support level. In case of losing this level, Dogecoin can fall as low as $0.070.
The Technical Indicators
MACD indicator: at the time of writing this article the 4-hour MACD for Dogecoin is taking back the upward momentum.
RSI: the relative strength index is approximately 42.
Resistance levels: the first one will be at $0.10. Following that, we can expect $0.11 and then $0.12 and finally $0.13 to be resistance levels on the way.
Support levels: first and foremost, the $0.080 will support the price. After that, the $0.070 will be the next one.
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