DOGE Price Analysis: DOGE Breaks Out Of Bull Flag As Alt-coins Continue Rallying

DOGE coin has been through a wild ride in 2021. Elon Musk has been the biggest influence of the price of Doge as his words have both helped and hurt the Doge. Doge had recently experienced a 50% correction but bulls quickly bought up DOGE as it bounced off its ascending channel it has followed for a month.

Major support range for DOGE comes in at $0.44-$0.48. If the price of DOGE can hold this support, it is considered bullish for another leg up. To confirm a bullish upswing, DOGE must break and hold $0.56. Confirming a potential bullish leg, the price of DOGE recently broke out of a bullish flag and confirmed it.

DOGE Price Analysis: DOGE/USDT 1 Day Chart

If DOGE fails to hold major support range, a fall to $0.40 is expected. Near this area lies the 30 MA which has held as support last week when Doge coin fell to $0.36. In addition, the bottom trend of its ascending channel is around the same area. This zone is a massive support for DOGE and can be relied upon if a bearish leg prints.

The Stochastic RSI has recently corrected to oversold levels. At the time of writing, the strength has revived over the 30 level and must hold for DOGE to continue rising. The MACD has been sideways for a few days which can tell a bigger move is coming. The MACD histogram has been ticking up and is looking for a green bullish tick for the first time in a week.

DOGE intraday levels

Spot rate: $0.537
Trend: Neutral
Volatility: High
Support: $0.489
Resistance: $0.561

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Dogecoin (DOGE)

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Domenic

Domenic Fiore has a love for the financial markets. He decided to skip the college route to pursue entrepreneurship.

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