DOGE price has been in an upward channel for the past week. On Sunday, the price came down to the bottom at $0.23. However, despite the dip below the channel, it managed to bounce back inside. Yesterday, DOGE surpassed the $0.24 and $0.25 and reached the top part at $0.2650. At some point, it briefly touched $0.27 but failed to stabilize and went for a price correction. During the price correction, DOGE price came down to $0.2450 and $0.2440 inside the channel. Today, the price once again tried to break through the top but had to halt by reaching the $0.2550. Currently, the price is around $0.2470.
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DOGE Price Action Analysis
Taking a look at the 1-hour chart, we can see DOGE managed to start a new uptrend with the support at $0.23. It surpassed the $0.24 and $0.25 on top of the channel and at some point touched $0.27. However, the price failed to stabilize and went for a price correction. With that, DOGE lost the $0.2550 and $0.25 and dipped back into the channel to reach $0.2450.
Today, DOGE found good support and did not experience further decline. The price had a chance to recover at climbed back up to $0.2550. Once again, the price failed to surpass this level.
Currently, the $0.2460 to $0.2450 is supporting the price. In case this level continues to support DOGE, we can expect another retest to break through the top.
For the bullish scenario, the first resistance level is at $0.2550. Surpassing this level means that the $0.2580 to $0.26 and then $0.27 are the next resistance levels. For the long-term, the $0.27 to $0.28 is near a long running downtrend. Breaking of this trend would bring DOGE upwards of $30 cents.
On the other hand, if DOGE fails to surpass the $0.2550 resistance level and lose the $0.2450 support level, the price could go back down to the bottom of the channel. For that scenario, the $0.24 support level near the SMA100 and then the $0.2360 to $0.2350 zone are the crucial support levels. Further decline could bring the price down to $0.23 to $0.2250 zone.
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 50.
Resistance levels: the first one will be $0.2550. Following that, we can expect $0.2580 to $0.26 zone and then $0.27to be resistance levels on the way.
Support levels: first and foremost, the $0.2460 to $0.2450 zone will support the price. After that, the $0.24 will be the next one. And then the $0.2350 and finally $0.23 will support the price next.
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