DOGE price touched the $0.090 on August 16 but faced rejection and headed for a correction. With that, DOGE lost the $0.075 and $0.065 support levels and settled on $0.060 on September 1. Using the new found support, Dogecoin stabilized at this level and attempted to recover. Subsequently, Dogecoin reached all the way up to $0.060 but failed to break through this level. Currently, DOGE price is around $0.063.
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DOGE Price Action Analysis
Taking a look at the 4-hour chart, we see DOGE inside a new upward channel. Consequently, DOGE reached the ceiling on August 16 at $0.090 and got rejected then fell down to $0.060.
Currently, the $0.060 is a key support level for Dogecoin. In case of providing good support, DOGE can bounce back and recover. For that, the $0.065 on the 50% Fibonacci retracement level will be the key resistance level for the price. After that, the $0.070, $0.075 and $0.080 are the next resistance levels.
On the other hand, if DOGE price fails to surpass $0.065 and loses the $0.060, we can expect further decline. For the bearish scenario, the $0.058, $0.055 and $0.050 will be the following support levels.
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 60.
Resistance levels: the first one will be at $0.065. Following that, we can expect $0.070 and then $0.075 and finally $0.080 to be resistance levels on the way. Support levels: first and foremost, the $0.060 will support the price. After that, the $0.055 will be the next one.
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