DOGE Price Analysis: DOGE Leads Crypto Market In Sea Of Red, Up by 500% WoW

By Sunil Sharma and Domenic
Published April 20, 2021 Updated April 20, 2021
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DOGE Price Analysis: DOGE Leads Crypto Market In Sea Of Red, Up by 500% WoW

By Sunil Sharma and Domenic
Published April 20, 2021 Updated April 20, 2021
  • Doge rises 25% on the day to $0.41
  • Rising wedge formation spotted on 4 HR chart
  • Doge Is up 500% in the last 7 days

Dogecoin is the talk of the town recently as it has been touted “the peoples crypto”. Earlier in the year DOGE price was trading for under a penny, thanks to Elon Musk DOGE has awoken from its 3 year slumber and surged 4000% in the last few months. After a bloody weekend, Dogecoin quickly revived off its low of $0.22 and has gained nearly 100% in the last 2 days. 

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As investors await “Doge day” on April 20th, the price has formed a rising wedge formation. This pattern is known for its bearish outcome but in certain scenarios it can break upwards. For DOGE to set a new ATH, the price must hold the $0.40 level. Within the next 8 hours Doge coin will make its move as the wedge nears its peak. 

DOGE Price Analysis: DOGE/USD 4 Hr Chart

DOGE Price Analysis
Chart By TradingView

In the case that the price of DOGE cannot hold over its current resistance level & fails to hold its bottom trend line of its wedge, we can expect DOGE to fall to key support of $0.318. This level has only held once in the history of DOGE, meaning it is not the strongest bounce level.

If bears decide to take over control around that level, DOGE may experience another tumble to the key support range. This range is $0.265-$0.229 and has held the price of Doge coin well in the last few days.

The indicators showing on the DOGE chart seem to be unclear. This can indicate a neutral amount of bulls & bears currently playing in this market. The Stochastic RSI has bounced off its low and was halted at the overbought resistance line. This usually indicates the bulls lost strength and the price will begin to curl down. In some cases of extreme FOMO, the RSI will continue its run upwards and break to max strength levels. The MACD tells a similar story as the histogram ticks are small and the MA’s are going sideways. The next day will most likely be crucial for the direction of Doge coin. 

DOGE intraday levels 

  • Spot rate: $0.398
  • Trend: Bullish
  • Volatility: High
  • Support: $0.318
  • Resistance: $0.40
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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Domenic
134 Articles
Domenic Fiore has a love for the financial markets. He decided to skip the college route to pursue entrepreneurship. He saw the vision to become an entrepreneur and wanted to achieve success from a young age. Domenic owned & operated a car detailing business since the age of 16, along with being a part of two CBD businesses through 2018 & 2019. He started his investment and trading career early trading in 2017 when he bought a newly released cryptocurrency alt-coin and saw 10x return in a few months. He then realized there was much potential and dove head first into learning everything he could. He became very passionate about technical analysis and knew it was his route to financial freedom. Over the last 4 years, Domenic has shared his analysis with many groups and received amazing feedback. Shortly after he wanted to help assist in the pursuit of spreading and helping others achieve success in the trading industry.

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