DOGE Price Analysis: Dogecoin (DOGE) Stuck Within Descending Channel for 2 Months

Published by
  • DOGE price has been stuck in a 4 cent range the last week
  • 100MA continues to hold price down
  • Major support of $0.24 is close to breaking down
  • DOGE price has been in a strong down trend ever since Elon Musks’ Saturday Night Live appearance. As of now,  $0.74 marked the top of DOGE as it has fallen nearly -70% since. From the low set in March of 2020, DOGE rose nearly 65,000% at its peak. This was one of the largest gaining cryptocurrencies in the top 500. With this data, it is not unexpected that DOGE price cut its value by 70% as large pumps are always followed by large dumps. 

    Dogecoin has been respecting a descending channel for nearly 2 months. Bulls have failed to break above the top trend line of the channel multiple times which have resulted in a drop below the median line (orange dotted line). Right now DOGE price has yet again failed to break above the top trend which has traders wondering if another drop is to come. A break below the major support of $0.24 will likely result in another downfall and will confirm a short term bearish move. 

    Advertisement

    DOGE Price Analysis: DOGE/USDT 4 Hour Chart



    The 100MA has also acted as resistance for the entire month of June. At the time of writing, this moving average is perfectly in line with the top trend of the descending channel. This confirms the viewpoint that DOGE must break the $0.26-$0.28 zone to begin a strong revival to May levels. Support comes in at $0.214 & $0.166 if the bulls fail to hold the $0.24 support.

    While looking at the Relative Strength Index, we can see there is much indecision as the strength has been consolidating around the 50 range. A break above 60 is needed to see a strong revival. The MACD also confirms the view that consolidation is taking place and a larger move is on the horizon as the MA’s have been flat lining around the 0 value. 

    DOGE intraday levels 

    • Spot rate: $0.243
    • Trend: Neutral
    • Volatility: Low
    • Support: $0.24
    • Resistance: $0.278
    Advertisement
Share
Sunil Sharma

Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO's in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on X at @sharmasunil8114 and reach out to him at sunil (at) coingape.com

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • News

Expert Warns More Crypto Bloodbath Ahead of CPI Data Tomorrow

The U.S. Bureau of Labor Statistics (BLS) will release the Consumer Price Index (CPI) data…

October 23, 2025
  • Bitcoin News
  • News

US President Promises Deal With China on Everything As ‘Trump Insider’ Begins To Close Bitcoin Shorts- Is A BTC Recovery Ahead?

The “Trump insider whale” has begun closing its Bitcoin short positions just as the U.S.…

October 23, 2025
  • News

Just-In: Changpeng “CZ” Zhao Counters Peter Schiff, Says “Tokenizing Gold Is Not On-Chain Gold”

Binance founder Changpeng "CZ" Zhao debunked economist Peter Schiff's views on tokenizing gold. CZ claimed…

October 23, 2025
  • News

$240 Million Hacked Crypto Exchange WazirX Reopens Deposits But Faces Community Backlash

Indian crypto exchange WazirX has taken key steps toward resuming full operations, with INR and…

October 23, 2025
  • News

Expert Flags Pi Network Team as Source of Selling Pressure After Reported 1.2M PI Dump

Pi community expert Mr Spock has claimed that the Pi Network team is behind the…

October 23, 2025
  • News

Ripple’s Chris Larsen Expands XRP Realized Profit to $764M Amid Evernorth Deal

Ripple executive chairman Chris Larsen has amassed millions in realized profit from XRP withdrawals since…

October 23, 2025