DOGE Price Analysis: Dogecoin Eyes Break of 100 MA, Here Are The Next Price Targets

  • DOGE price has risen nearly 40% the last week
  • DOGE Bulls are attempting to break the 100MA
  • An ascending channel has held the price in an upward trend

DOGE price is struggling to gain traction over the last few weeks as many coins in its class have surged twice as much. Many anticipate DOGE price is just a bit behind & will soon surge back to mid $0.30s. With the overall cryptocurrency market showing great strength over the last few weeks, DOGE may have a shot at surging back to levels traded at in May. This only can occur when BTC is steady or rising so time Is running out for DOGE to show its strength. The large cap coins show that a short term downtrend may occur before prices make their next leg up.

While looking at the last few weeks of price action, we can see how DOGE price has been respecting an ascending channel ever since the bottom of $0.16 was set. This is a bullish sign & price will likely continue rising until the bottom trend is taken out. At the time of writing, DOGE is attempting to hold above its major resistance zone. Price has been stuck under this mark for nearly two months. If bulls manage to hold this resistance, DOGE may be in for a push to the given targets.

DOGE Price Analysis: DOGE/USDT 1 Day Chart

Live Chart

TradingView Chart Snapshot

Along with the major resistance zone lies the 100 MA. This MA has held price down for nearly 6 weeks & breaking above it will surely result in a surge to the upside. This area is also met with the top trend of the ascending channel. If price fails to break both of these marks, DOGE will be in for a fall back to the bottom trend of its ascending channel. This area is also met with a major support that is found at $0.239. Price will likely bounce off this area but in this case it fails to, DOGE will then be in a short term downtrend that could land prices back under $0.20.

  • While looking at the Stochastic RSI, we can conclude that is nearly maxed out. This means that DOGE must breakthrough its important marks soon or it will run out of steam & fall back to its major support.
  • As long as the strength continues staying in the overbought territory, DOGE is in position to hit its given targets. The RSI is currently sitting in overbought territory. This is where the largest price movements occur & as long as strength stays above the 70 value, DOGE can surge at any moment.

DOGE Intraday Analysis

  • Spot rate: $0.288
  • Trend: Bullish
  • Volatility: High
  • Support: $0.269
  • Resistance: $0.32

The post DOGE Price Analysis: Dogecoin Eyes Break of 100 MA, Here Are The Next Price Targets appeared first on Coingape.

Publication date: 
08/15/2021 - 12:14

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.