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DOGE Price Analysis: Dogecoin Eyes Break of 100 MA, Here Are The Next Price Targets

DOGE Price Analysis: Dogecoin Eyes Break of 100 MA, Here Are The Next Price Targets

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DOGE price is struggling to gain traction over the last few weeks as many coins in its class have surged twice as much. Many anticipate DOGE price is just a bit behind & will soon surge back to mid $0.30s. With the overall cryptocurrency market showing great strength over the last few weeks, DOGE may have a shot at surging back to levels traded at in May. This only can occur when BTC is steady or rising so time Is running out for DOGE to show its strength. The large cap coins show that a short term downtrend may occur before prices make their next leg up.

While looking at the last few weeks of price action, we can see how DOGE price has been respecting an ascending channel ever since the bottom of $0.16 was set. This is a bullish sign & price will likely continue rising until the bottom trend is taken out. At the time of writing, DOGE is attempting to hold above its major resistance zone. Price has been stuck under this mark for nearly two months. If bulls manage to hold this resistance, DOGE may be in for a push to the given targets.

DOGE Price Analysis: DOGE/USDT 1 Day Chart

Along with the major resistance zone lies the 100 MA. This MA has held price down for nearly 6 weeks & breaking above it will surely result in a surge to the upside. This area is also met with the top trend of the ascending channel. If price fails to break both of these marks, DOGE will be in for a fall back to the bottom trend of its ascending channel. This area is also met with a major support that is found at $0.239. Price will likely bounce off this area but in this case it fails to, DOGE will then be in a short term downtrend that could land prices back under $0.20.

While looking at the Stochastic RSI, we can conclude that is nearly maxed out. This means that DOGE must breakthrough its important marks soon or it will run out of steam & fall back to its major support.
As long as the strength continues staying in the overbought territory, DOGE is in position to hit its given targets. The RSI is currently sitting in overbought territory. This is where the largest price movements occur & as long as strength stays above the 70 value, DOGE can surge at any moment.

DOGE Intraday Analysis

Spot rate: $0.288
Trend: Bullish
Volatility: High
Support: $0.269
Resistance: $0.32

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 CoinGape

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.

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