DOGE Price Analysis: Dogecoin Fails to Break 55 Day Bearish Trend As Bulls Lose Strength

• DOGE price falls nearly -80% from ATH 
• $0.16 support held for 77% revival off lows
• 100MA acting as resistance along with bear trend

Dogecoin was the talk of crypto in April and May but since then, the hype has fallen drastically. Dogecoin experienced mind blowing gains the last year rising over 10,000%. As Bitcoin began to fall from $60,000, DOGE followed suit. -77% retracement off highs has left the DOGE army silent. Although, market signs show the bottom may be in for some time. 

DOGE price bounced off heavy support zone of $0.16 and has revived nearly 60% since. Major resistance zone of $0.28-$0.29 has halted the price from further revival. This area is met with a 55 day bearish trend line. Once DOGE price can clear these marks, it will see a strong revival over the $0.30 price mark.

DOGE Price Analysis: 4 Hour Chart

Along with the bearish trend line and the large resistance zone, the 100MA has acted as resistance for the last month. If DOGE fails to break over this mark, we can expect a drop to $0.25 and potentially the support zone that lies at $0.235-$0.227. If this area can not hold, DOGE risks a fall below $0.20 again.

While looking at the Stochastic RSI, we can see a sharp rejection off overbought territory. If the strength cannot regain 80, DOGE price risks a further fall to supports. The regular RSI has been consolidating above a trend line for nearly a week. If this trend breaks, Dogecoin will likely experience a retracement. 

DOGE intraday levels 

• Spot rate: $0.255
• Trend: Neutral 
• Volatility: High
• Support: $0.25
• Resistance: $0.272

About Author

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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