DOGE Technical Analysis – September 2021
Monthly Analysis
In the last 30 days, DOGE initially increased by 18%. This increase was then followed by a huge dip in the price as it declined by almost 40%. The trend is now facing downward and the price of DOGE could keep decreasing in the coming days, other things equal.
Weekly Analysis
In the last 7 days, DOGE has decreased by 15%. The price recently found support at $0.19. It is likely that this support structure is going to be retested in the coming days.
Daily Analysis
In the last few hours of the intraday chart, DOGE has increased by almost 4%. While this might suggest that DOGE is bullish in the intraday chart, DOGE might soon face resistance and go downward again.
Key Structures
Support
- $0.19
Resistance
- $0.22
Indicators
Moving Average
The 20-day moving average is above the price, indicating that the trend is bearish and that the price could keep decreasing in the coming days. The MA line could act as resistance in the coming days.
The 9-day EMA is also above the price, meaning that the price can decrease in the short run and that the EMA line could resist potential upward movement.
Relative Strength Index
The RSI of a daily chart is above 30, meaning that DOGE is not oversold. Despite that, DOGE is bearish. The RSI is slightly less bearish in a 4-hour chart.
MACD
In a daily chart, the MACD line is slightly below the signal line and below the baseline, meaning that the momentum is bearish and that the price could keep decreasing in the coming day. As for the e4-hour chart, the lines have recently intersected and the MACD line is above the signal line, meaning that the momentum for DOGE might shift and became bullish.
Fear & Greed
The fear and greed indicator suggests that the current emotion for DOGE traders is fear, meaning that the traders are bearish.
Fibonacci
The Fibonacci retracement levels suggest that DOGE retraced to the 50% level despite it not being a natural Fibonacci level. After that, a further decline to one of the extension levels was expected, and it did occur.
In a 1-hour chart, DOGE retraced to the 78.6% level. It was expected that the price could then go down to the 0% level once again. This expectation was respected in the following days.
Price Prediction DOGE – September 2021
Based on this analysis, we could see DOGE keep declining in the coming days below $0.18 if support is broken. This support structure is going to be crucial for DOGE. If it does find support, the downtrend might still continue, but DOGE could aim for breaking resistance $0.22. Since a triangle pattern has formed, a breakout is also possible for DOGE soon.
Latest News for DOGE – Affecting Price
Recently, Tesla’s Elon Musk, one of Dogecoin’s biggest supporters and one of the biggest crypto institutional investors, has suggested that the US should avoid taking the same approach as China regarding cryptocurrencies. The latter has recently imposed another regulation that saw crypto-related transactions become illegal for Chinese users.
Also read: Dogecoin Price Prediction 2021 and Beyond – Is DOGE a Good Investment?