DOGE Tries to Breakout Descending Channel – $0.33 in the Making?

Briefly

  • DOGE has seen its price surging almost 15% over the last week.
  • Bulls are trying to overpower the descending channel
  • The 200 MA has held DOGE’s price.

DOGE has registered sluggish moves over the past few weeks as the meme coin failed to maintain over the $0.30 price level. Most top 20 digital coins outperformed Dogecoin as the canine-themed crypto surge 50%, while other alts gained over 100%.

DOGE has depicted slow moves that require patience before breakouts happen. That comes as the token has not had positive developments over the past four months. For now, DOGE awaits the correct price catalysts to explode upwards.

Dogecoin has consolidated over critical support at $0.26 to $0.29 since claiming a monthly high at $0.34 on 16 August. Over one week ago, Dogecoin formed a declining wedge pattern before breaking upwards some days ago.

Meanwhile, the token’s actions since the breakout depict another upcoming descending channel. For now, bulls have to take the coin over the upper trend of the price channel to confirm Dogecoin’s upside movements past the price zones at $0.30. Also, the token has to overcome the massive resistance at $0.306 to maintain an upside stance.

Dogecoin Price Analysis

If the meme asset manages to overpower and maintain the $0.30 zone, bulls will prepare to battle the following crucial resistance at $0.32 to $0.338. If the token breaks this obstacle successfully, DOGE will spike towards $0.36 and above.

However, if bears dominate the alt, to prevent Dogecoin from breaking past $0.30, the token has chances to retreat towards the critical support near $0.27. Besides this level, the 200 Moving Average has held the coin for more than one month now. Any actions beneath this price level and the MA, DOGE will dip into the bearish waves.

The Stochastic Relative Strength Index indicates strength visiting the oversold territory before bouncing off within no time. If the indicator breaks over the 50-level, DOGE will have chances to break and maintain the $0.30 zone. On the other hand, the MACD has consolidated sideways as it awaits a massive move.

Intraday Analysis

  • Spot rate – $0.30
  • Trend – sideways
  • Volatility – medium
  • Support – $0.288
  • Resistance – $0.306