DOGE Breaks Out and Aims for Prices Above $0.01

2021-1-15 16:40

The Dogecoin (DOGE) price has broken out from a descending resistance line that had been in place since the beginning of Jan. DOGE should continue increasing towards $0.018 and possibly $0.021.

This is a short/medium-term analysis. For a longer-term analysis, click here.

Breakout and Retest

DOGE has been decreasing alongside a descending resistance line since Jan. 2, when it reached a high of $0.014. After three unsuccessful attempts, it finally broke out on Jan. 14.

However, DOGE has failed to increase significantly since the breakout, and is currently trading between support and resistance at $0.008 and $0.01, respectively.

The latter is the 0.5 Fib retracement level of the entire downward move and a horizontal resistance area, so a breakout above would confirm the bullish trend.

Technical indicators are bullish and support the possibility of a breakout.

Chart By TradingView

The shorter-term two-hour chart further strengthens the possibility of a breakout.

DOGE has been following a short-term ascending support line since Jan. 11 and has flipped the $0.009 support level.

As long as DOGE is trading above these two levels, the short-term trend is bullish.

Chart By TradingView Doge’s Wave Count

Cryptocurrency trader @DlinkBull outlined a DOGE chart showing a parallel channel. They suggest an increase toward $0.03.

As seen in the first section, DOGE has already broken out from the resistance line of this channel.

Source: Twitter

DOGE seems to have begun a bullish impulse at the beginning of March (shown in white below), currently trading in wave 3.

The sub-wave count is given in orange, and DOGE is likely in the fifth and final sub-wave. A fall below the sub-wave 1 high at $0.0044 would invalidate this particular wave count.

Sub-wave 5 should end between $0.0181-$0.0184, a target found using an external retracement on sub-wave 4 and projecting the length of sub-waves 1-3 to the bottom of 4.

Afterwards, the entire impulse would likely complete at $0.021, the 4.61 Fib extension of wave 1.

Chart By TradingView Conclusion

To conclude, DOGE’s rate of increase should accelerate once it moves above $0.01, with a possible target of $0.018.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here!

Disclaimer: Cryptocurrency trading carries a high level of risk and may not be suitable for all investors. The views expressed in this article do not reflect those of BeInCrypto.

The post DOGE Breaks Out and Aims for Prices Above $0.01 appeared first on BeInCrypto.

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Dogecoin (DOGE) на Currencies.ru

$ 0.1515 (+0.69%)
Объем 24H $861.735m
Изменеия 24h: -1.47 %, 7d: 5.13 %
Cегодня L: $0.1488 - H: $0.1531
Капитализация $21.869b Rank 9
Цена в час новости $ 0.0090942 (1565.9%)

doge analysis resistance descending decreasing line alongside

Источник: beincrypto.com

doge analysis → Результатов: 46


Dogecoin Price Analysis: DOGE Volume Spikes A Bull’s Glimmer Of Hope

Major support level: 27 satoshis Major resistance level: 31 satoshis if the first notable resistance, the major one is at 44 sats but that one is definitely out of reach for Doge in the short-term Upside potential: breaking the 31 sats resistance and making it its new support Downside potential: dropping back to the 27 […]The post Dogecoin Price Analysis: DOGE Volume Spikes A Bull’s Glimmer Of Hope appeared first on CaptainAltcoin.

2019-10-14 16:45


Dogecoin (Doge) Price Analysis: Much Chilling No Moving

DOGE/BTC It has been rather quiet and, at times, depressing around cryptocurrencies. Once the price heads south, it has a tendency to move fast and deep in that direction. Once those time come, we advise everyone to go hang in Dogecoin communities – the creativity of Doge holders in self-mocking will at least bring a […]The post Dogecoin (Doge) Price Analysis: Much Chilling No Moving appeared first on CaptainAltcoin.

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Dogecoin Price Analysis DOGE / USD: Playing Dead

Dogecoin has a bearish short-term bias, with the cryptocurrency trading below its 200-period moving average on the four-hour time frame The four-hour time frame is showing that a bearish head and shoulders pattern is forming The daily time frame is showing that the DOGE / USD pair remains trapped within a descending price channel Dogecoin […] The post Dogecoin Price Analysis DOGE / USD: Playing Dead appeared first on Crypto Briefing.

2019-8-1 16:33


Daily Dogecoin [Doge] Analysis, Higher Low Forming?

Dogecoin has been depreciating since a bearish divergence between price and RSI took place in early September. Both price and RSI are now setting up to form a higher low. There would need to be a rise from here to confirm it is a higher low but since yesterdays drop came to a halt, there […] Daily Dogecoin [Doge] Analysis, Higher Low Forming? was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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