DOGE Price Anlysis: DOGE Falls 40% From ATH As Elon Musk Appears On SNL, $1?

Republished By Plato

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Doge coin has done the impossible this year as prices rose nearly 15,000%. Many meme fanatics anticipated the Saturday Night Live show to push doge to 1$, but the opposite happened. Doge fell hard during the show as it concluded to be a “sell the news” event.

During the fall last night, DOGE managed to break its month long trend line. This was the result of an evident rising wedge formation which are mostly bearish patterns. Major support for DOGE lands around $0.561. Since the price of DOGE rose so fast, the next support is near $0.45. cents. This is the area DOGE held after its fall.

DOGE Price Analysis: DOGE/USDT 1 Day Chart

Major resistance for DOGE is $0.69. This price level is the mark DOGE needs to break and hold for a new potential ATH. After breaking below the long term trend, it is likely for Doge coin to continue lower. A break of the MA15 will be a confirmation more downside is coming as it has been holding as support for almost a month.

While looking as the RSI, we can see a large bearish divergence has formed. This occurs when the price creates a higher high but the strength prints a lower high. We can expect strength and price to go lower as a result. The MACD is very overextended. The histogram is starting to tick down and a bearish cross is impending.

DOGE intraday levels

Spot rate: $0.543
Trend: Bullish
Volatility: High
Support: $0.44
Resistance: $0.692

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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 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.