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DOGE Breaks 2.5 Month Long Descending Channel for BINANCE:DOGEUSDT by CoinGape

-DOGE rises nearly 30% on the day
-Price has broken free of 80 day descending channel
-50 MA is acting as support

DOGE has finally shown signs of strength for the first time in nearly a month. Along with the majority of the cryptocurrency market, DOGE has been stuck in a strong downtrend the last 30 days. BTC sweeping below 30K allowed for the crypto market to have a strong bounce off lows. Elon Musk also was featured on a Bitcoin livestream today which he spoke generally positive. Signs show DOGE may be finally starting an uptrend.

Dogecoin managed to fully break the top trend of its descending channel that has held price down for almost 3 months. At the time of writing, DOGE is attempting to hold above it as it seems to be a classic breakout and retest. Bulls must keep price above major resistance of $0.193 for price to continue trading out of the channel. If this is deemed successful, DOGE will likely rise to mid $0.20s.

Price has failed to hold above the 50 MA for nearly 6 weeks. As of now, DOGE is holding above it. If bulls fail to keep this going, DOGE will be in for a fall back into its descending channel . Price would likely find support at its major support of $0.166. This would be a bearish scenario and it will open the gates for DOGE to fall back under $0.15, to its major support of $0.141. Although, this scenario seems unlikely as of now.

The Relative Strength Index has rebounded off lows in a very bullish way. Strength is now stuck within an ascending channel and may continue to be until a push to overbought happens. The Stochastic RSI has just rejected off overbought territory which may show some more consolidation is needed before DOGE pushes higher.

DOGE intraday levels

Spot rate: $0.186

Trend: Bearish

Volatility: High


Support: $0.166

Resistance: $0.193

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