- The DOGE price has risen almost 15% in the past week
- Cops are trying to break out of their descending channel
- The DOGE award was held up by the 200MA
The DOGE price has been sluggish for the past few weeks as it cannot stay above the $ 0.30 mark. Many other top 20 coins outperformed DOGE in the past month as they are only up 50% compared to other 100% +. DOGE may be just a little behind the market and will require patience before breaking out. The mem-coin mania has certainly subsided in the last 4 months, but it can rise again at any time and let DOGE fly.
Since DOGE hit its monthly high of $ 0.34 on August 16, it has been consolidating above its key support zone of $ 0.26-0.29. A little over a week ago, the DOGE price formed a falling wedge pattern and had successfully broken out in the past few days. If we take note of the price action after the breakout, we can now see that a newly formed descending channel has been discovered (shown in light blue). For DOGE price to really gain momentum and break the $ 0.30 mark, the bulls, along with the major resistance zone of $ 0.306, will need to lift it above the upper trend of its channel.
DOGE price analysis: DOGE / USDT 4-hour chart
If DOGE breaks through and maintains the $ 0.30 level, the next fight for bulls will be within the major resistance zone of $ 0.32 $ 0.338. If the Doge coin manages to break this important zone of resistance, we should see a surge to $ 0.36 +. In the event that bears maintain more control and prevent DOGE price from breaking above the $ 0.30 mark, we should expect prices to pull back into the main support zone around $ 0.27. Along with this zone is the 200 MA, which has held the price for over a month. Everything below this zone and MA will bring DOGE into a bear trend.
- If we look at the stochastic RSI, we can see that strength just hit the oversold area and quickly bounced back from it. If the strength manages to break above the 50 level, it is likely that DOGE will break through and hold the $ 0.30 mark as well.
- The MACD has been consolidating sideways for a few days and is waiting for a bigger move. The histogram is ticking very small, which shows a lot of movement on the horizon.
DOGE intraday analysis
- Spot rate: $ 0.30
- Trend: sideways
- Volatility: Medium
- Support: $ 0.288
- Resistance: $ 0.306
Disclaimer of liability
The content presented may contain the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication assumes no responsibility for your personal financial loss.
About the author
Domenic Fiore loves the financial markets. He decided to skip the college route to pursue entrepreneurship. He saw the vision of becoming an entrepreneur and wanted to be successful from a young age. Domenic has owned and operated an auto retail business since he was 16 and was part of two CBD companies through 2018 and 2019, seeing 10x returns in a few months. Then he realized there was a lot of potential and went headlong into learning what he could. He developed a great passion for technical analysis and knew this was his path to financial freedom. Over the past 4 years, Domenic has shared his analysis with many groups and received amazing feedback. Shortly thereafter, he wanted to help spread the word in the retail industry and help others to be successful.