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- DOGE falls nearly 65% from high
- Doge coin led the day in green while other coins continued to struggle
- A Falling wedge is being formed on the 4 HR
Doge has had a wild ride in April rising over 400%. The bullish rally has been halted as the cryptocurrency market continues its sell off. DOGE peaked at nearly $0.45 and sold off 65% at its low. The hype and euphoria surrounding doge only lasted so long. DOGE ended up flopping nearly 25% on anticipated 4/20 “Doge Day”.
The price of Doge has been forming a falling wedge the past few days. This pattern is technically bullish and the buy would be activated on breakout of top trend. Major support to hold is $0.262, If the price can continue to respect this level, DOGE may have a try at its major resistance level of $0.318. The price action shows DOGE may be in for another fall as the falling wedge pattern usually has a minimum of 2 rejections on each trend.
DOGE Price Analysis: DOGEUSDT 4 Hr Chart
When Doge coin fell from its high of $0.40, It couldn’t hold any supports created the previous week. The price was finally held up by the MA 100. This level provided strong support for the price of DOGE as it rallied nearly 70% off its low of $0.15. If DOGE fails to hold $0.262 it could be in for another fall to the bottom trend of its falling wedge. This trend is around the strong support area of $0.15.
While looking at the regular RSI, we can see that the strength is managing to trend upwards, although it can be signaled as a bearish continuation trend until the 50 level can break and hold. The Stochastic RSI is telling a similar story as the strength has topped out in the overbought zone. Once the blue line crosses below the orange, a bearish wave down is expected.
DOGE intraday levels
- Spot rate: $0.272
- Trend: Bearish
- Volatility: High
- Support: $0.262
- Resistance: $0.318
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