DOGE Price Analysis: Dogecoin Accumulates Near Key Support as McDonald’s Discussion Reignites

• Dogecoin failed to break past the $0.156 MA 50 barrier on the first attempt amid the prior day’s climb
• At the time of writing, DOGE is changing hands at $0.145, down 4.91% in the last 24 hours
• Weeks after, the McDonald’s discussion seems to reignite

Dogecoin continues its sideways trading beneath the $0.156 MA 50 barrier, after failing to break past this key level on its first attempt amid the prior day’s climb. At the time of writing, DOGE is changing hands at $0.145, down 4.91% in the last 24 hours. In January, Elon Musk tweeted that he would eat a McDonald’s Happy Meal if the legendary fast-food giant were to accept the Dog themed coin. McDonald’s respectfully declined, nudging Tesla to accept Grimacecoin, a made-up cryptocurrency, in return. Weeks after, the McDonald’s discussion seems to reignite with Dogecoin CoFounder Billy Markus saying that ”memeing things are fun” in a Feb. 14 tweet, He continues ”but, if you get upset and lash out at companies that don’t do exactly what you want without considering their context, that’s not fun. that’s entitlement and counterproductive”.

Key Levels
Resistance Levels: $0.1960, $0.1730, $0.1509
Support Levels: $0.1370, $0.1255, $0.1205

DOGE/USD Daily Chart: Ranging

DOGE/USD Daily Chart

On the daily chart, moving average (MA 50) has successfully weighed DOGE/USD price amid growing bearish pressures below the $0.1509 level crushing buyers’ effort to breach the $0.1800 level. The falling moving averages (MA 50 and MA 200) are endorsing the decent from mid-November 2021 price of $0.2771.

Meanwhile, DOGE’s decline has softened, indicating that the rally from the Jan. 22 low of $0.1204 continues as indicators reflect positive momentum gaining pace. Although the relative strength index is exhibiting a partial negative charge. If sellers retain the reins, the pair might encounter initial downside friction some distance lower at the $0.1370 border.

DOGE/USD 4-Hour Chart: Ranging

DOGE/USD 4-Hour Chart

As seen on the 4-hour chart, weakening technical buy action support recent consolidation below the $0.1509 level. Upticks are expected to offer better selling opportunities while the action stays below the short-term moving averages (MA 50 and MA 200) with a repeated close below here to maintain a bearish stance.

In the event buyers regain control and lift price back above the immediate barrier, the next fortified resistance is at the $0.1530 hurdle, where the MAs converged. Should buying interest increase, it might overstep these obstacles and aim for the near-term resistance barricade that exists at $0.1730. DOGE/USD’s neutral-to-bearish bias is looking set to intensify.

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