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Technical Analysis

When Will Dogecoin (DOGE) Catch Up to the Rest of the Market?

1 min
Updated by Kyle Baird

In Brief

  • DOGE has found strong support between 25-27 satoshis and has been consolidating over the past six months.
  • During this period, DOGE has created five lower-highs and is following a descending resistance line.
  • The next closest support areas is found at 15 satoshis.
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The Dogecoin (DOGE) price has been trading inside a range of 25-34 satoshis since October 2019. Currently, there are no immediate signs that the price will break out or down from this range.
While numerous altcoins have been posting double and even triple-digit gains, DOGE has yet to move out from its consolidation range. This was noted by  cryptocurrency trader @CryptoMichNL, who stated that:
$DOGE #DOGECOIN The longest sideways accumulation going on here. The level at 23-25 sats is a very nice zone for longs. Otherwise 15-17 sats. Targets are in the chart, first one mainly around 70 sats.
Source: Twitter

DOGE in Altcoin Limbo

Technical indicators show textbook signs of consolidation. The RSI has freely moved above and below 50, and the price has done the same thing relative to the 200-period MA. However, there is one bearish sign. The price has created five lower-highs until now, a sign that sellers are still in control. In addition, while the exact pattern is difficult to identify because of the presence of multiple wicks, it resembles a descending triangle, which is considered a bearish pattern.
DOGE Price Movement
DOGE Chart By Tradingview

Future Movement

The descending resistance line that connects the lower-highs is more clearly visible in the weekly time-frame. If the price breaks out above this level, the next resistance areas are found at 50 and 75 satoshis. On the other hand, a decrease below the aforementioned support level of 25-27 satoshis would likely trigger a rapid decrease towards the closest support area at 15 satoshis, as outlined in the tweet. At the current time, both options seem equally possible, so the prudent play would be to wait for a decisive move before initiating a position.
DOGE Price Movement
DOGE Chart By Tradingview


In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.