DOGE Price Analysis: Yet Again, DOGE Fails To Break Major Resistance Zone, What’s Next?

Republished By Plato

Followers: 0

DOGE Price Analysis: Yet Again, DOGE Fails to Break Major Resistance Zone, What’s Next? PlatoBlockchain Data Intelligence. Vertical Search. Ai.

DOGE price failed to break major resistance zone of $0.27-$0.31
20 MA has held DOGE price down for nearly 30 days
Major support of $0.193 currently holds price from further downfall

DOGE Price Overview

Ever since the appearance of Elon Musk on Saturday Night Live (SNL), DOGE price has been in a strong downtrend. The meme coin mania was great while it lasted in April-May but since then, the meme coins have been super bearish. Many retail investors FOMOed into Dogecoin above $0.40 which has left many of them holding their coins at a near -50% loss. A bullish breakout on BTC price will likely spark another run for DOGE.

While looking at the peach descending channel, we can see bulls have continuously tried to break above the top trend line but have failed every time. A break above this top trend will crack price from the 2 month downtrend that DOGE price has fallen victim to. If this is deemed successful, price must break & hold the 20 Day MA which has held DOGE down for over a month. Price will then retreat up to battle out major resistance of $0.239.

DOGE Price Analysis: DOGE/USDT 1 Day Chart

If bears take more control, DOGE will likely free fall back to major support of $0.193 which is currently being held. A break below this mark will send DOGE back to mid teens around its major support of $0.166. If this bearish scenario occurs, DOGE price will then be trading around its median line of its descending channel. This area could provide enough strength to launch DOGE back above $0.20.

While looking at the Stochastic RSI, we can see the strength has just visited the oversold zone. If strength continues throughout this zone, DOGE price may experience further downside. The RSI has been fairly flat the last few months as it has mirrored DOGE price action. A long term trend has been spotted which is the important line for strength to break above to start a new uptrend.

DOGE price intraday levels

Spot rate: $0.21
Trend: Bearish
Volatility: Low
Support: $0.193
Resistance: $0.239

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

About Author

Domenic Fiore has a love for the financial markets. He decided to skip the college route to pursue entrepreneurship. He saw the vision to become an entrepreneur and wanted to achieve success from a young age. Domenic owned & operated a car detailing business since the age of 16, along with being a part of two CBD businesses through 2018 & 2019. He started his investment and trading career early trading in 2017 when he bought a newly released cryptocurrency alt-coin and saw 10x return in a few months. He then realized there was much potential and dove head first into learning everything he could. He became very passionate about technical analysis and knew it was his route to financial freedom. Over the last 4 years, Domenic has shared his analysis with many groups and received amazing feedback. Shortly after he wanted to help assist in the pursuit of spreading and helping others achieve success in the trading industry.