DOGE price reached the bottom of the price channel at $0.20 on Friday. At this level, it managed to find support and quickly recovered up to $0.1850. With that, it had a chance to start a new uptrend. Subsequently, the price climbed as high as $0.21 yet by reaching the trendline it had to halt. Once again, DOGE price dipped to $0.1989 near the 50% Fibonacci retracement level but found support there. Currently, the price is above $0.20.
DOGE Price Action Analysis
Taking a look at the 1-hour chart, we can see DOGE still inside the downward channel. On Friday, it came down to the bottom at $0.1970. However, by reaching a support level it managed to climb back up from the bottom.
During the rise, DOGE climbed as high as $0.21 yet by reaching the trendline had to halt. Today, it had to go down as low as $0.1970 and the 50% Fibonacci retracement level from the latest fall.
Currently, the $0.1980 to $0.1970 is supporting the price. In case this range continues on supporting, Dogecoin can give another try to surpass $0.2030. With that, we can expect the price to finally try to break through the top of the channel. The first resistance level will be at $0.21 and the SMA100 followed by $0.2150. The $0.2250 and $0.23 will be the next resistance levels to follow.
On the other hand, if DOGE price fails to surpass the downward trendline, there could be another price correction. For this scenario, the $0.1980 to $0.1970 will be the first zone to support the price. In case of losing this, the $0.1950 and then the $0.19 at the bottom of the channel will follow.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD for Dogecoin is on a downward momentum
RSI: the relative strength index is approximately 42.
Resistance levels: the first one will be $0.2030. Following that, we can expect $0.2150 and then $0.2250 to $0.23 zone to be resistance levels on the way.
Support levels: first and foremost, the $0.1980 will support the price. After that, the $0.1950 to $0.1920 zone will be the next one. And finally $0.1850 will support the price next.
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