Dogecoin is the talk of the town recently as it has been touted “the peoples crypto”. Earlier in the year DOGE price was trading for under a penny, thanks to Elon Musk DOGE has awoken from its 3 year slumber and surged 4000% in the last few months. After a bloody weekend, Dogecoin quickly revived off its low of $0.22 and has gained nearly 100% in the last 2 days.
As investors await “Doge day” on April 20th, the price has formed a rising wedge formation. This pattern is known for its bearish outcome but in certain scenarios it can break upwards. For DOGE to set a new ATH, the price must hold the $0.40 level. Within the next 8 hours Doge coin will make its move as the wedge nears its peak.
DOGE Price Analysis: DOGE/USD 4 Hr Chart
In the case that the price of DOGE cannot hold over its current resistance level & fails to hold its bottom trend line of its wedge, we can expect DOGE to fall to key support of $0.318. This level has only held once in the history of DOGE, meaning it is not the strongest bounce level.
If bears decide to take over control around that level, DOGE may experience another tumble to the key support range. This range is $0.265-$0.229 and has held the price of Doge coin well in the last few days.
The indicators showing on the DOGE chart seem to be unclear. This can indicate a neutral amount of bulls & bears currently playing in this market. The Stochastic RSI has bounced off its low and was halted at the overbought resistance line. This usually indicates the bulls lost strength and the price will begin to curl down. In some cases of extreme FOMO, the RSI will continue its run upwards and break to max strength levels. The MACD tells a similar story as the histogram ticks are small and the MA’s are going sideways. The next day will most likely be crucial for the direction of Doge coin.