Doge coin has done the impossible this year as prices rose nearly 15,000%. Many meme fanatics anticipated the Saturday Night Live show to push doge to 1$, but the opposite happened. Doge fell hard during the show as it concluded to be a “sell the news” event.
During the fall last night, DOGE managed to break its month long trend line. This was the result of an evident rising wedge formation which are mostly bearish patterns. Major support for DOGE lands around $0.561. Since the price of DOGE rose so fast, the next support is near $0.45. cents. This is the area DOGE held after its fall.
DOGE Price Analysis: DOGE/USDT 1 Day Chart
Major resistance for DOGE is $0.69. This price level is the mark DOGE needs to break and hold for a new potential ATH. After breaking below the long term trend, it is likely for Doge coin to continue lower. A break of the MA15 will be a confirmation more downside is coming as it has been holding as support for almost a month.
While looking as the RSI, we can see a large bearish divergence has formed. This occurs when the price creates a higher high but the strength prints a lower high. We can expect strength and price to go lower as a result. The MACD is very overextended. The histogram is starting to tick down and a bearish cross is impending.
DOGE intraday levels
- Spot rate: $0.543
- Trend: Bullish
- Volatility: High
- Support: $0.44
- Resistance: $0.692
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