Ever since the appearance of Elon Musk on Saturday Night Live (SNL), DOGE price has been in a strong downtrend. The meme coin mania was great while it lasted in April-May but since then, the meme coins have been super bearish. Many retail investors FOMOed into Dogecoin above $0.40 which has left many of them holding their coins at a near -50% loss. A bullish breakout on BTC price will likely spark another run for DOGE.
While looking at the peach descending channel, we can see bulls have continuously tried to break above the top trend line but have failed every time. A break above this top trend will crack price from the 2 month downtrend that DOGE price has fallen victim to. If this is deemed successful, price must break & hold the 20 Day MA which has held DOGE down for over a month. Price will then retreat up to battle out major resistance of $0.239.
If bears take more control, DOGE will likely free fall back to major support of $0.193 which is currently being held. A break below this mark will send DOGE back to mid teens around its major support of $0.166. If this bearish scenario occurs, DOGE price will then be trading around its median line of its descending channel. This area could provide enough strength to launch DOGE back above $0.20.
Read More: Elon Musk Sides With Dogecoin (DOGE), Calls BTC & ETH Slow
While looking at the Stochastic RSI, we can see the strength has just visited the oversold zone. If strength continues throughout this zone, DOGE price may experience further downside. The RSI has been fairly flat the last few months as it has mirrored DOGE price action. A long term trend has been spotted which is the important line for strength to break above to start a new uptrend.
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