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Dogecoin (DOGE) Price Forms Falling Wedge Pattern, Will Bulls Regain $0.30?

Dogecoin (DOGE) Price Forms Falling Wedge Pattern, Will Bulls Regain $0.30?

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DOGE price has fallen short in terms of performance over the last month when compared to other large cap alt-coins. Price is up around 75% since the low on July 20th was set. Many expected DOGE price to be well above the $0.30 range by now but an overall indecisive week from BTC & ETH has left DOGE lacking a strong direction. The hype around meme coins surely peaked in April & May of this year and since, the majority of these assets have fallen -50%. Many investors are wondering if DOGE & other coins in its category can go on another bullish surge. The large gains experienced over the last year on DOGE may be a reason why it’s lacking behind many other alt coins.

Can DOGE Price Regain $0.30?

Since Dogecoin (DOGE) hit its monthly high of $0.35, prices have fallen roughly -20%. The price action seen over the last 2 weeks has led DOGE to form a bullish falling wedge pattern. Each time price has touched either trend, it gets rejected to the opposite one. Falling wedges are usually 80% of the time bullish as a breakout to the upside is needed to activate the pattern.

For DOGE price to go on another run towards the $0.30 mark, bulls must break over the top trend of the falling wedge & tackle the major resistance found at $0.306. If bulls manage to pull this off, DOGE will have a shot at hitting mid $0.30s.

DOGE Price Analysis: DOGE/USDT 1 Day Chart

Based on BTCs performance over the last two weeks, we should expect a larger price move to be coming soon. In the case that BTC breaks to the downside. DOGE price will likely follow suit. At the time of writing, DOGE is trading within a major support zone from $0.269-$0.288. Along with this zone lies the 30 day MA (shown in orange). DOGE has held this MA as support for nearly a month now. If bears assert more control & push DOGE price below these two important marks, expect prices to land in the low $0.20s.

While looking at the Stochastic RSI, we can see that strength has spent the last few days within the oversold region. This is good as long as price can stay within its falling wedge pattern until strength breaks above the 20 value. Breaking above the 20 value will likely spark another bullish push for DOGE. The MACD has turned around the last week along with price. A bullish cross of the MAs is needed to confirm a bullish breakout is underway.

DOGE Intraday Analysis

Spot rate: $0.279
Trend: Bearish
Volatility: High
Support: $0.269
Resistance: $0.288

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.

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