DOGE Technical Analysis – September 2021
Monthly Analysis
In the last 30 days, DOGE has increased by more than 30%, but then it dipped by almost 40%, indicating that the trend has reversed and that DOGE might be bearish. The support level at $0.21 might be a turning point for DOGE as it recently proved to be a strong structure. In the longer term, $0.16 might be the strongest level of support for DOGE.
Weekly Analysis
Over the last 7 days, DOGE declined by about 30% and is now attempting a pullback. There is uncertainty for DOGE on whether it can achieve its previous highs. In the next few days, DOGE is bearish.
Daily Analysis
DOGE has been bearish in an intraday chart as well, where the price has dipped by about 9% over the last few hours. In the coming hours, DOGE might retest support at $0.21.
Key Structures
Support
- $0.21
Resistance
- $0.32
Indicators
Moving Average
The 20-day moving average is above the price due to the recent price decrease. This indicates that the trend is now downward and that this MA can act as resistance in the coming days for DOGE.
The 9-day EMA also indicates that the trend is now bearish and that the EMA line can resist any price movement that attempts to go upwards.
Relative Strength Index
The RSI is below 40, which is yet another indication that DOGE might further go down in the coming days. However, if it edges close to 30 and DOGE becomes oversold, we might see a reversal occurring for Dogecoin.
MACD
The signal line is above the MACD line. The latter is now below the baseline, indicating that the price can further go down in the coming days since the momentum is bearish for Dogecoin.
Fear & Greed
Currently, there is more fear than greed for Dogecoin. This can be best explained by the recent price dips for DOGE, as traders fear that the price might go further down and are selling their DOGE tokens.
Fibonacci
Drawing the Fibonacci from the beginning of the previous uptrend, we can see that the 61.8% level has been penetrated and the price might not head toward the extension levels any time soon.
The Fibonacci levels from the beginning of the downtrend suggest that even if DOGE makes a pullback, it might be stopped at resistance levels of 38.2% or 61.8%.
Price Prediction Dogecoin – September 2021
If DOGE breaks support at $0.21, we might see its price go further down to at least $0.18 in the coming days. If it finds support, then we may as well see DOGE attempt to surpass $0.30 in the coming weeks.
Latest News for Dogecoin – Affecting Price
A Shiba Inu dog was seen in a new ad of Voyager, with the purpose of promoting cryptocurrencies. Such ads further show how influential Dogecoin is in the market, and even if the indicators suggest that DOGE is bearish, it remains one of the best cryptocurrencies in the market at the moment.
Consider that Dogecoin is being used here to literally advertise for all cryptocurrency. That’s how strong the brand is.
Much wow.pic.twitter.com/bwAXPCovGP
— Shibetoshi Nakamoto (@BillyM2k) September 12, 2021