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DOGE Price Analysis: Watch These Key Price Levels Before Buying the Next Dip

DOGE Price Analysis: Watch These Key Price Levels Before Buying the Next Dip

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Dogecoin price has shown a great struggle in reviving to previous levels traded in June. Bitcoin & Ethereum have successful broken many downtrends and important resistance marks along with many other coins. Unfortunately for DOGE investors, price seems to be fairly flat, lacking the much needed bull power to push back to previous levels. DOGE price has only revived around 22% off its low compared to an average of 50% seen on many other large cap coins.

While looking at the chart, we can see how DOGE has formed an ascending channel over the past 16 days. At the time of writing, DOGE price is inches away from breaking below the bottom trend of this channel.

If this occurs, we can expect DOGE price to fall to its next support of $0.186. This is a large support zone that should provide some type of bounce but in the case bears continue control, we can expect price to fall to the next major support of $0.166.

DOGE Price Analysis: DOGEUSDT LIVE 4 Hour Chart

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The 200 MA shown in light blue, has acted as a resistance mark for nearly 80 days. This is a very important mark for DOGE price to clear as it would confirm a bull trend is in place for the first time in many months. Along with this MA lies a mid term trend line which has held price down for over a month. Breaking these two marks will likely send DOGE price to mid $0.20s.

RSI: While looking at the RSI, we can see strength just broke a 3 week long uptrend. This is a bearish scenario that may call for further short term downside.
MACD: The MACD has also just broke below the 0 value, into bearish territory.

DOGE Intraday Analysis

Spot rate: $0.195
Trend: Neutral
Volatility: Low
Support: $0.186
Resistance: $0.212

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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