Analytics

DOGE Technical Analysis: The Market Is Preparing for the $0.44 Test

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    For 6 months in a row, DOGE market participants have been trying to clarify their relationship in a fairly wide consolidation corridor of $0.16-$0.33. After an aggressive growth wave, which ended in May 2021, buyers did not allow the price to begin a deep correction. Confidently keeping the lower limit of the consolidation range of $0.16-$0.18, buyers retain the opportunity to continue to grow from current prices. September closed near the bottom line of consolidation.

    https://www.tradingview.com/x/4A3Isxl1/

    However, sellers did not continue their pressure in October and decided to rest. In the first week of October, buyers managed to win back half of the previous monthly candle. After yesterday’s price break in the BTC market, comfortable conditions for the development of altcoins can be created. If the BTC price stays in this range and buyers do not allow a deep correction — it is likely that capital will begin to return to altcoins. In this case, it will be a good trigger for the growth of the DOGE market, including the first target of $0.44.

    Technical Analysis of DOGE on the Weekly Timeframe

    Analyzing the weekly timeframe, we see that buyers are trying to build a new local price channel. For the second week in a row, the DOGE price has been growing, but no active actions or increased trading volumes have been seen on the market yet. If the DOGE price can be fixed above $0.3, investors will be able to count on the test of the upper trend line of the local channel near the mark of $0.44. The signal that buyers’ ambitions are much higher than the $0.44 mark will be the retention of the $0.33 mark. In this case, we can safely say the beginning of a new growth wave with the high update from May 2021.

    The DOGEBTC Price Is One Step Closer to a Strong Impulse

    https://www.tradingview.com/x/YWrJ42v3/

    This week, buyers attempted to break the protracted DOGEBTC price consolidation. In the weekly timeframe, we see that the trend line of sellers, which has been keeping since May, will no longer restrain prices from rising. Buyers managed to keep the main range of 0.0000045-0.000005. So, now is the best time to start the vector upward movement of the price. The first problem on the way to the price up to a month can happen near the mark of 0.0000085. The potential of the rally continuation will be clear from the nature of the growth.

       
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