DOGE Price Analysis: Dogecoin Fails to Break 55 Day Bearish Trend As Bulls Lose Strength
Dogecoin was the talk of crypto in April and May but since then, the hype has fallen drastically. Dogecoin experienced mind blowing gains the last year rising over 10,000%. As Bitcoin began to fall from $60,000, DOGE followed suit. -77% retracement off highs has left the DOGE army silent. Although, market signs show the bottom may be in for some time.
DOGE price bounced off heavy support zone of $0.16 and has revived nearly 60% since. Major resistance zone of $0.28-$0.29 has halted the price from further revival. This area is met with a 55 day bearish trend line. Once DOGE price can clear these marks, it will see a strong revival over the $0.30 price mark.
DOGE Price Analysis: 4 Hour Chart<img src="https://s3.tradingview.com/snapshots/m/Mi6WWb53.png" />
Along with the bearish trend line and the large resistance zone, the 100MA has acted as resistance for the last month. If DOGE fails to break over this mark, we can expect a drop to $0.25 and potentially the support zone that lies at $0.235-$0.227. If this area can not hold, DOGE risks a fall below $0.20 again.
While looking at the Stochastic RSI, we can see a sharp rejection off overbought territory. If the strength cannot regain 80, DOGE price risks a further fall to supports. The regular RSI has been consolidating above a trend line for nearly a week. If this trend breaks, Dogecoin will likely experience a retracement.
DOGE intraday levels