DOGE Consolidates It’s Way Towards a Long Term Trend for BINANCE:DOGEUSDT by CoinGape — TradingView
-Doge has risen nearly 35% off last weeks low
-200MA continues to act as resistance
-Price has been stuck within an ascending channel
-200MA continues to act as resistance
-Price has been stuck within an ascending channel
Over the past few weeks, DOGE has seem to fallen into the shadows as the price has been fairly flat. The overall cryptocurrency market has just showed its first real signs of bullishness in nearly 3 months. Doge coin should soon follow with a larger type breakout to the upside. This type of lagging price may be a result that the meme coin mania is surely much less predominant than it was many months ago.
While looking at the chart, we can see how DOGE has been consolidating its way towards a near 3 month long downtrend line. At the time of writing, DOGE is trading exactly on top of this important trend line . It Is important to know that bulls must break & hold this line to fully be in the clear for a large run up. These two marks are also met with a major resistance mark at $0.212 that must be fully cleared by price action.
Even though the overall consolidating price action looks bullish , it is important to keep in mind a potential bear case. Bearish price action will likely occur if bears step in with strength and stop bulls from breaking over the 3 important marks. In this case, expect price to fall to the next major support around $0.186. There is also a short term ascending channel that price has been stuck in for a couple weeks as a break to the downside will likely trigger this fall.
The RSI seems to have a bullish look to it after an evident bull flag has printed. With the RSI making lower lows and the price making higher lows, we can see a hidden bullish divergence has formed. As long as the bottom trend line continues to hold, DOGE should have another leg up. The MACD has also been following an uptrend line and as long as this continues the case is short term bullish .
DOGE Intraday Analysis
Spot rate: $0.207
Trend: Bullish
Volatility: Low
Support: $0.186
Resistance: $0.212
