Again, DOGE fails to break through the area of ​​major resistance, what’s next?

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  • DOGE price failed to break major resistance area of ​​$ 0.27 to $ 0.31
  • 20 MA kept the DOGE price low for almost 30 days
  • Major support of $ 0.193 is currently keeping the price of a further fall

DOGE price overview

Since Elon Musk’s appearance on Saturday Night Live (SNL), the DOGE price has seen a strong downward trend. The meme coin craze was great while it lasted April-May, but since then the meme coins have been super bearish. Many FOMO retail investors have invested in Dogecoin above $ 0.40 which left many of them holding their coins at a loss of almost -50%. A bullish breakout in the BTC price will likely trigger another run for DOGE.

Looking at the downward channel of the fishery, we can see that the bulls have continuously tried to break above the upper trendline but failed every time. A break above this upper trend will crack the price of the 2 month downtrend that the DOGE price fell victim to. If this is considered successful, the price must break down and maintain the 20-day MA that has held DOGE back for over a month. The price will then pull back to fight against major resistance at $ 0.239.

DOGE Price Analysis: DOGE / USDT 1 Day Chart

If the bears gain more control, DOGE will likely fall back freely to a major support of $ 0.193 which is currently being held. A break below this mark will send DOGE back in mid-teens around its major support of $ 0.166. If this bearish scenario occurs, then DOGE price will trade around its midline of its descending channel. This area could provide enough strength to raise DOGE above $ 0.20.

Read More: Elon Musk Closes In On Dogecoin (DOGE), Calls BTC & ETH Slow

Looking at the Stochastic RSI we can see that the strength has just visited the oversold zone. If the force continues throughout this area, the DOGE price may experience a further decline. The RSI has been fairly stable in recent months as it mirrored DOGE price action. A long term trend has been spotted which is the important line for the force to cross over to start a new uptrend.

DOGE intraday price levels

  • Spot rate: $ 0.21
  • Trend: bearish
  • Volatility: low
  • Pick-up: $ 0.193
  • Resistance: $ 0.239

Warning

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.

About the Author

Domenic Fiore is passionate about the financial markets. He decided to skip the college route to pursue entrepreneurship. He saw the vision of becoming an entrepreneur and wanted to be successful from an early age. Domenic owned and operated a car detailing business since the age of 16, in addition to being part of two CBD companies until 2018 and 2019. He started his investment and trading career in early 2017 when ‘he bought a new alt-coin cryptocurrency and saw 10x come back in a few months. He then realized that there was a lot of potential and took the plunge into learning everything he could. He became very passionate about technical analysis and knew it was his path to financial freedom. Over the past 4 years, Domenic has shared his analysis with many groups and received incredible feedback. Soon after, he wanted to participate in further dissemination and help others succeed in the commerce industry.

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