September 30, 2022

DOGE Price Attempts Breakout Of Descending Channel, Is $0.33 Next?

2 min read

  • DOGE rate has increased almost 15%
  • over the last week Bulls are trying to breakout of its descending

channel DOGE Price has actually been held up by the 200MA DOGE price has been sluggish over the last few weeks as it can’t seem to hold above the$ 0.30 mark. Numerous other leading 20 coins have outperformed DOGE the last month as it is only up 50% compared to others 100%+. DOGE may simply be dragging the marketplace a bit & & will require persistence prior to a breakout happens. The meme coin mania has certainly waned over the last 4 months but at any time it may surge back up & & send DOGE flying.

Since DOGE struck its monthly high of $0.34 on August 16th, it has been consolidating above its major support zone of $0.26-$0.29. Simply over a week earlier, DOGE price was forming a falling wedge pattern & & it had successfully broken to the advantage the past couple of days. Remembering of the rate action after the breakout, we can now see a freshly formed coming down channel has been identified (displayed in light blue). For DOGE price to actually pick up steam and head past the $0.30 mark, bulls must push it above the top trend of its channel together with the major resistance zone of $0.306.

DOGE Price Analysis: DOGE/USDT 4 Hour Chart

Live Chart

TradingView Chart

If DOGE manages to break & & hold the $0.30 mark, the next battle for bulls lies within the major resistance zone of $0.32-$0.338. If Doge coin is successful in breaking this major resistance zone, we must see a spike to $0.36+. In the case that bears assert more control & & stop DOGE price from breaking the $0.30 mark, we should anticipate rates to pull away back into the significant assistance zone around $0.27. Together with this zone lies the 200 MA which has held rate up for over a month now. Anything below this zone & & MA will land DOGE in a bear pattern.

  • While looking at the Stochastic RSI, we can see strength just visited the oversold area and quickly bounced out of it. If strength manages to break above the 50 worth, it is likely that DOGE will break & & hold the $0.30 mark as well.
  • The MACD has actually been consolidating sideways for a few days now awaiting a bigger move. The pie chart is ticking extremely small which shows a large move on the horizon.

DOGE Intraday Analysis

  • Spot rate: $0.30
  • Trend: Sideways
  • Volatility: Medium
  • Assistance: $0.288
  • Resistance: $0.306

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