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DOGE Price Analysis: Dogecoin Price Rises by 30% As B Word Conference Unfolds, What’s Next?

DOGE Price Analysis: Dogecoin Price Rises by 30% As B Word Conference Unfolds, What’s Next?

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Rated:110

DOGE has finally shown signs of strength for the first time in nearly a month mostly due to Elon’s remarks at B Word Conference. Along with the majority of the cryptocurrency market, DOGE has been stuck in a strong downtrend the last 30 days. BTC sweeping below 30K allowed for the crypto market to have a strong bounce off lows. Elon Musk also was featured on a Bitcoin livestream today which he spoke generally positive. Signs show DOGE may be finally starting an uptrend.

Dogecoin managed to fully break the top trend of its descending channel that has held price down for almost 3 months. At the time of writing, DOGE is attempting to hold above it as it seems to be a classic breakout and retest. Bulls must keep price above major resistance of $0.193 for price to continue trading out of the channel. If this is deemed successful, DOGE will likely rise to mid $0.20s.

DOGE Price Analysis: DOGE/USDT 4 Hour Chart

DOGE Price has failed to hold above the 50 MA for nearly 6 weeks. As of now, DOGE prices holding above it. If bulls fail to keep this going, DOGE will be in for a fall back into its descending channel. Price would likely find support at its major support of $0.166. This would be a bearish scenario and it will open the gates for DOGE to fall back under $0.15, to its major support of $0.141. Although, this scenario seems unlikely as of now.

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The Relative Strength Index has rebounded off lows in a very bullish way. Strength is now stuck within an ascending channel and may continue to be until a push to overbought happens. The Stochastic RSI has just rejected off overbought territory which may show some more consolidation is needed before DOGE pushes higher.

DOGE intraday levels

Spot rate: $0.186
Trend: Bearish
Volatility: High
Support: $0.166
Resistance: $0.193

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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