Root
Reviews and LongReads
DOGE Price Attempts Breakout Of Descending Channel, Is $0.33 Next?

DOGE Price Attempts Breakout Of Descending Channel, Is $0.33 Next?

Do repost and rate:

Rated:101

DOGE price has been sluggish over the last few weeks as it can’t seem to hold above the $0.30 mark. Many other top 20 coins have outperformed DOGE the last month as it is only up 50% compared to others 100%+. DOGE may just be lagging behind the market a bit & will require patience before a breakout occurs. The meme coin mania has surely died down over the last 4 months but at any time it may spike back up & send DOGE flying.

Ever since DOGE hit its monthly high of $0.34 on August 16th, it has been consolidating above its major support zone of $0.26-$0.29. Just over a week ago, DOGE price was forming a falling wedge pattern & it had successfully broken to the upside the past few days. Taking note of the price action after the breakout, we can now see a newly formed descending channel has been spotted (shown in light blue). For DOGE price to really pick up steam and head past the $0.30 mark, bulls must push it above the top trend of its channel along with the major resistance zone of $0.306.

DOGE Price Analysis: DOGE/USDT 4 Hour Chart

If DOGE manages to break & hold the $0.30 mark, the next battle for bulls lies within the major resistance zone of $0.32-$0.338. If Doge coin succeeds in breaking this major resistance zone, we should see a spike to $0.36+. In the case that bears assert more control & stop DOGE price from breaking the $0.30 mark, we should expect prices to retreat back into the major support zone around $0.27. Along with this zone lies the 200 MA which has held price up for over a month now. Anything below this zone & MA will land DOGE in a bear trend.

While looking at the Stochastic RSI, we can see strength just visited the oversold region and quickly bounced out of it. If strength manages to break above the 50 value, it is likely that DOGE will break & hold the $0.30 mark as well.
The MACD has been consolidating sideways for a few days now awaiting a bigger move. The histogram is ticking very small which shows a large move on the horizon.

DOGE Intraday Analysis

Spot rate: $0.30
Trend: Sideways
Volatility: Medium
Support: $0.288
Resistance: $0.306

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

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.

Twitter