DOGE Price successfully stabilized in the $0.15 to $0.148 range in January 11 and started a new uptrend. Following that, DOGE surpassed the $0.155 and continued on climbing yesterday by breaking through $0.16. Subsequently, the price went above the $0.1650 and the $0.1760 resistance level. However, by reaching the $0.1760 it turned back down and is currently hovering above $0.17.
DOGE Price Action Analysis
Taking a look at the 1-hour chart, we can see Dogecoin finally managed to stabilize above $0.15 and start a new uptrend. Following that, DOGE price surpassed the $0.1550 and $0.16 resistance levels and reached $0.1760 today. Unfortunately, Dogecoin failed to grow any further at this level and went for a price correction.
Currently, the first support level for DOGE is at $0.17 followed by $0.1650 near the 50% Fibonacci retracement level. In case DOGE price finds a solid support, we expect it to retest the $0.1760 resistance level. Breaking through this level would bring Dogecoin closer to the $0.18 and $0.19 levels.
On the other hand, if DOGE price loses the $0.17 and $0.1650 support levels, further decline will surely follow. For the bearish scenario, the $0.1580 is the next support level. Further decline can bring Dogecoin down to the SMA100 at $0.1540.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD for Dogecoin is on an upward momentum.
RSI: the relative strength index is approximately 71.
Resistance levels: the first one will be $0.1750 to $0.1760 zone. Following that, we can expect $0.18 and then $0.19 to be resistance levels on the way.
Support levels: first and foremost, the $0.17 will support the price. After that, the $0.1650 will be the next one. And then the $0.1580 will support the price next.
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