DOGE price hit a peak of $0.17 on February 8th and settled back down to $0.16 following a price correction. Subsequently, Dogecoin continued downwards and lost the SMA100 and $0.15 and reached $0.1430 today. However, the selling pressure did not stop and DOGE price came down to $0.14. Currently, the price is maintaining the support level at $0.14 and is around $0.1420.
DOGE Price Action Analysis
Taking a look at the 1-hour chart, we see Dogecoin turned back down by hitting $0.17. Following that, the price lost the $0.1616 and $0.1580 and then the crucial $0.15. Today, DOGE price fell as low as $0.14.
As of now, the $0.14 is the key support level for the price which could support Dogecoin for another short-term rally. For this case, the first resistance level is at $0.1405 followed by $0.15 located near the trendline. In case of a successful break through, the next resistance level is the SMA100 at $0.1550.
On the other hand, if DOGE price fails to surpass the $0.1450 and loses the $0.1420 to $0.14, we can expect further decline. For the bearish scenario, the $0.1380 is the first support level followed by $0.1350 to $0.13. Further decline can bring Dogecoin as low as $0.1250 and $0.12.
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 30.
Resistance levels: the first one will be at $0.1450. Following that, we can expect $0.15 and then $0.1550 and finally $0.16 to be resistance levels on the way.
Support levels: first and foremost, the $0.14 will support the price. After that, the $0.13 will be the next one. And then the $0.1250 and $0.12 will support the price next.
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