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- DOGE price has risen nearly 40% the last week
- Dogecoin Bulls are struggling to fully break its resistance zone
- 500MA is holding as support for the first time in almost 2 months
DOGE price has been fairly slow compared to its performance in the beginning of the year. Even though it has revived nearly 77% from its low, you would expect a stronger move to occur sooner or later. The overall cryptocurrency market has been surging the last week & DOGE price may just be one of the last to go. Much of DOGE’s previous rally was fueled from hype & social media influencing so we do have to question the use case & stability of a coin that was driven up by mostly hype & culture.
Throughout the past 3 weeks, DOGE has been trading within an ascending channel. Each time price hit a trend, DOGE got sent to the opposite of the channel. Just over the past day, price experienced one of these rejections at the top trend.
For DOGE to fully go parabolic, it must break over this top trend along with a major resistance zone that has held price down for over a month. This zone is from $0.269-$0.288 & if bulls manage to hold this area, price will likely hit the two targets that are shown.
DOGE Price Analysis: DOGE/USDT 4 Hour ChartLive Chart
In a more short term view, we can see a trend line that has been respected since August 7th. In the case bears reject DOGE from its current resistance, price may fall below this short term trend line which would likely confirm a fall to at minimum the major support found at $0.239. Along with the short term trend line lies the 500MA. This MA has been resistance for nearly 2 months & price has just held it as support over the last day. A break below this MA along with the short term trend line will surely send DOGE back under $0.25. Support will be found from $0.225-$0.239.
While looking at the Stochastic RSI, we can see a slight bearish divergence has formed. This occurs when price creates a higher high & strength creates a lower high. This just occurred & may be a trigger for strength to break below the 50 value. The MACD has been fairly flat the last few days which shows a larger move is on the horizon. If the histogram ticks red, this may confirm a short term downtrend is in place for DOGE.
DOGE Intraday Analysis
Spot rate: $0.268
The post DOGE Price Analysis: Dogecoin Attempts To Break Major Resistance Zone, Will Bulls Push It Past $0.30? appeared first on Coingape.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.