DOGE price went on a new rally starting from May 12 from $0.07 and reached $0.095. However, it failed to surpass this level and settled between $0.080 and $0.095 for the past few days. Currently, DOGE price is at $0.083.
DOGE Price Action Analysis
Taking a look at the 4-hour chart, we see Dogecoin failing to surpass $0.095 on May 13th. Subsequently, it had to back down to $0.082 before finding support.
Currently, the $0.08 is the first support level for the price. In case Dogecoin remains above this level, it could go for another rally. With that, the $0.085 on the SMA100 is the first resistance level for DOGE followed by the $0.09. In case of a successful breakthrough, the $0.095 and $0.1 are the next key resistance levels for Dogecoin.
On the other hand, if DOGE price fails to surpass $0.09 and loses the $0.08, we could expect further decline.
For the bearish scenario, the $0.075 is a key support level. If Dogecoin loses this level, the price could fall as low as $0.07.
The Technical Indicators
MACD indicator: at the time of writing this article the 4-hour MACD for Dogecoin is losing the upward momentum.
RSI: the relative strength index is approximately 40.
Resistance levels: the first one will be at $0.085. Following that, we can expect $0.09 and then $0.095 and finally $0.1 to be resistance levels on the way.
Support levels: first and foremost, the $0.080 will support the price. After that, the $0.070 will be the next one.
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