DOGE price has been sluggish over the last few weeks as it can’t seem to hold above the $0.30 mark. Many other top 20 coins have outperformed DOGE the last month as it is only up 50% compared to others 100%+. DOGE may just be lagging behind the market a bit & will require patience before a breakout occurs. The meme coin mania has surely died down over the last 4 months but at any time it may spike back up & send DOGE flying.
Ever since DOGE hit its monthly high of $0.34 on August 16th, it has been consolidating above its major support zone of $0.26-$0.29. Just over a week ago, DOGE price was forming a falling wedge pattern & it had successfully broken to the upside the past few days. Taking note of the price action after the breakout, we can now see a newly formed descending channel has been spotted (shown in light blue). For DOGE price to really pick up steam and head past the $0.30 mark, bulls must push it above the top trend of its channel along with the major resistance zone of $0.306.
DOGE Price Analysis: DOGE/USDT 4 Hour Chart
If DOGE manages to break & hold the $0.30 mark, the next battle for bulls lies within the major resistance zone of $0.32-$0.338. If Doge coin succeeds in breaking this major resistance zone, we should see a spike to $0.36+. In the case that bears assert more control & stop DOGE price from breaking the $0.30 mark, we should expect prices to retreat back into the major support zone around $0.27. Along with this zone lies the 200 MA which has held price up for over a month now. Anything below this zone & MA will land DOGE in a bear trend.
DOGE Intraday Analysis
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