Dogecoin price managed to reach $0.35, yet it faced too much pressure and had to back down. During the fall, Dogecoin price lost the $0.3250 support level and was brought down to $0.3150. At some point, the price even touched $0.3050 briefly but managed to climb above $0.3150 and stick to the upward trendline. Subsequently, Dogecoin price was pivoted upwards and had a chance to reach $0.33 today. Currently, Dogecoin price is around $0.3260 and can continue being bullish if manages to stay above the trendline.
Dogecoin Price Action Analysis
Taking a look at the 1-hour Dogecoin chart, we see Dogecoin price having a 20% increase since Sunday. However, by reaching $0.35 it had to back down and go for a price correction and settle around $0.3150. Despite briefly touching $0.3050, Dogecoin price pivoted upward and did not lose the upward trendline.
By keeping the trendline, Dogecoin had another chance to turn bullish and managed to successfully reach $0.33 today.
As of now, the $0.33 zone near the 50% Fibonacci retracement level is the first resistance level for Doge. By surpassing it, the $0.3350 and $0.34 will be the next stops along the way. To follow that, Dogecoin price will have another chance to try $0.35.
On the other hand, if Dogecoin price fails to surpass $0.33, there could be a pullback. For that scenario, the $0.3250 zone and then $0.32 near the upward trendline will be the next support levels for the price. Clearly, by losing these support levels, Doge will have to face further decline.
For the bearish scenario, the $0.31 and $0.3050 will be the next support levels and we expect the SMA100 near the $0.30 zone to also support eh price.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD for Dogecoin is on a downward momentum but seems to be turning upward.
RSI: the relative strength index is approximately 50.
Resistance levels: the first one will be $0.33. Following that, we can expect $0.3350, $0.34 and then $0.35 and $0.36 to be resistance levels on the way.
Support levels: first and foremost, the $0.3250 to $0.32 zone will support the price. After that, the $0.3150 will be the next one. And then the $0.31, $0.3050 and $0.30 will support the price next.
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