- by Godfrey Benjamin,
- Aug 31, 2021
DOGE price has fallen short in terms of performance over the last month when compared to other large cap alt-coins. Price is up around 75% since the low on July 20th was set. Many expected DOGE price to be well above the $0.30 range by now but an overall indecisive week from BTC & ETH has left DOGE lacking a strong direction. The hype around meme coins surely peaked in April & May of this year and since, the majority of these assets have fallen -50%. Many investors are wondering if DOGE & other coins in its category can go on another bullish surge. The large gains experienced over the last year on DOGE may be a reason why it’s lacking behind many other alt coins.
Since Dogecoin (DOGE) hit its monthly high of $0.35, prices have fallen roughly -20%. The price action seen over the last 2 weeks has led DOGE to form a bullish falling wedge pattern. Each time price has touched either trend, it gets rejected to the opposite one. Falling wedges are usually 80% of the time bullish as a breakout to the upside is needed to activate the pattern.
For DOGE price to go on another run towards the $0.30 mark, bulls must break over the top trend of the falling wedge & tackle the major resistance found at $0.306. If bulls manage to pull this off, DOGE will have a shot at hitting mid $0.30s.
Based on BTCs performance over the last two weeks, we should expect a larger price move to be coming soon. In the case that BTC breaks to the downside. DOGE price will likely follow suit. At the time of writing, DOGE is trading within a major support zone from $0.269-$0.288. Along with this zone lies the 30 day MA (shown in orange). DOGE has held this MA as support for nearly a month now. If bears assert more control & push DOGE price below these two important marks, expect prices to land in the low $0.20s.
While looking at the Stochastic RSI, we can see that strength has spent the last few days within the oversold region. This is good as long as price can stay within its falling wedge pattern until strength breaks above the 20 value. Breaking above the 20 value will likely spark another bullish push for DOGE. The MACD has turned around the last week along with price. A bullish cross of the MAs is needed to confirm a bullish breakout is underway.
DOGE Intraday Analysis