DOGE price had to come down yesterday as low as $0.2050, it found support at this level and retested the $0.21. Once again, by reaching the downward trendline it stopped and fell to $0.2020 today. DOGE price had had good support at this point before and this time was no exception. Subsequently, utilizing the support, DOGE started to climb back up once again and is currently trying to surpass the downward trendline.
DOGE Price Action Analysis
Taking a look at the 1-hour chart, we see DOGE having a support at $0.20 on Friday, going as far as $0.2140. Sadly, the price had to halt by reaching the SMA100 and dipped to $0.2050. DOGE did try to surpass SMA100 once again but this time at $0.2140 the growth stopped. The price had to back down after that, dipping as low as $0.2020 today.
Currently, DOGE is using the support at $0.2020 and is facing the downward trendline at the $0.2050 to $0.2060 zone. In case DOGE price successfully surpasses the trendline and stabilizes above this point, we can expect further growth. For the bullish scenario, the $0.28 to $0.21 zone is the first resistance level followed by the $0.2120 to $0.2140 near the SMA100.
On the other hand, if DOGE fails to surpass the $0.2150 to $0.2160 zone, the price could once again fall to $0.2020. By losing this support level, the $0.20 to $0.1990 zone and then the $0.1950 to $0.1930 zone will support the price next.
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 37.
Resistance levels: the first one will be $0.2050 to $0.2060 zone. Following that, we can expect $0.21 and then $0.2120 and $0.2140 to be resistance levels on the way.
Support levels: first and foremost, the $0.2020 will support the price. After that, the $0.1990 will be the next one. And then the $0.1970 and finally $0.1950 will support the price next.
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