DOGE Technical Analysis – October 2021
Monthly Analysis
Over the last 30 days, DOGE initially decreased by 25%. Then the price found support at $0.19. Following that, the price started rebounding and increased by around 40%. After hitting resistance at $0.27, DOGE started declining again and may soon test support at $0.21.
Weekly Analysis
Over the last 7 days, DOGE has decreased by around 20%. Thos has made DOGE bearish in the short run. If DOGE finds support at $0.21, then the trend of a 1-hour chart may reverse.
Daily Analysis
In the intraday chart, DOGE initially increased by 3%. After that, the price had a bearish breakout of around 4%. The price has started increasing again in a 30-minute chart for DOGE.
Key Structures
Support
- $0.21
Resistance
- $0.27
Indicators
Moving Average
The 20-day moving average is still below the price and is currently acting as support for DOGE. This indicates that the trend is upward and that the price may keep increasing in the coming days.
The 9-day EMA is above the price due to the recent pullback. This indicates that the trend is now downward and that the price could keep decreasing in the short run. The EMA line can act as resistance for DOGE.
Relative Strength Index
The RSI of a daily chart is slightly below 50, meaning that the selling pressure is high and that the price could keep decreasing. However, it also indicates that there is plenty of room for growth. The same applies to a 4-hour chart.
MACD
The MACD line is above the signal line in a daily chart, and it is now heading above the baseline. However, due to the recent pullback, the lines are converging and could soon intersect. In a 4-hour chart, the MACD line is below the signal line and the baseline, indicating bearish momentum. Since the lines are converging here as well, a shift in momentum may happen soon.
Fear & Greed
The fear and greed indicator suggests that the current emotion of DOGE traders is fear. Nonetheless, excessive fear could prove to be a good time to buy.
Fibonacci
The Fibonacci retracement levels in the recent upward movement suggest that the price has retraced close to the 61.8%. If the price finds support there, then DOGE could go to the 23.6% extension very soon.
Price Prediction DOGE – October 2021
Based on this technical analysis on Dogecoin (DOGE), its price could increase massively if it finds support at the projected structures and BTC continues its run. If DOGE has a bullish breakout, it could retest the all-time high. DOGE could eventually reach $1 in the coming weeks.
Latest News for DOGE – Affecting Price
There has not been any major news regarding Dogecoin. Nonetheless, the coin that started as merely a meme coin is now one of the most influential and powerful cryptocurrencies in the market. If this bullish trend in the market goes at the same rate that experts predict, then DOGE could soar upwards as well.
Also read: Dogecoin Price Prediction 2021 and Beyond – Is DOGE a Good Investment?