DOGE Price Analysis: DOGE Revives 70% as Crypto Market Continues to Struggle

Published April 25, 2021 | Updated April 25, 2021

Dogecoin

DOGE Price Analysis: DOGE Revives 70% as Crypto Market Continues to Struggle

  • 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

Chart By TradingView

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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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.
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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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