Dogecoin price analysis: Bull rally at $23?

Dogecoin price analysis Bull rally at 23

Dogecoin price has seen an upswing since June 26 from twenty-four (24) Satoshis to a hight of forty-four (44) Satoshis on July 5. The price wasn’t sustained and DOGE came tumbling, back to twenty-four (24) Satoshis.

Dogecoin price by TradingView

Dogecoin price had been on a decline since April. The total decline in price during this time has been seventy-three (73) percent and we have the simple moving average (SMA) to support that. This has been a massive hit to DOGE.

At the time of writing, Dogecoin price lurks around the twenty-four Satoshis (24.24), near the first support mark. The twenty-four (24) hour trading volume for Doge is valued at five hundred and forty-six billion (546,650,982,584.7645). The market cap for Dogecoin sums up to be two trillion Satoshis (2,918,352,472,506.9287).

Dogecoin price analysis: Bull rally at $23? 1

Dogecoin Price by TradingView

Dogecoin has been trading below both the ten (10) and twenty (20) day moving averages. This is the result of the rebound that occurred in June taking back DOGE, down to the starting line.

Dogecoin price in a fleeting bearish trend

Key-points to look out for on the chart are the ten (10) day and the twenty (20) day moving averages that have been acting as strong resistance to Dogecoin price. Looking below, we have twenty-three dollars ($23) and even lower on the graph, a point marked sixteen dollars ($16) acting as support for DOGE.
Dogecoin price analysis: Bull rally at $23? 2

Dogecoin Price by TradingView

It is quite likely that Dogecoin will make a breakout soon because of the descending wedge pattern that is nearing its end. With the tip of the pattern in its grasp, Doge will likely move towards the top, taking advantage of the bearish nature that the wedge pattern entails.

The relative strength index (RSI) and the moving average convergence/divergence (MACD) run bullish. This is reason enough to have strong faith in a reversal that is about to turn the descending bars on a new path towards the top side of the chart.

A more likely approach would be for DOGE to break below the twenty-three (23) Satoshi region before shooting up to the thirty-five (35) Satoshis resistance. DOGE will have to face both the ten (10) day and the twenty (20) day moving averages along the way before reaching the thirty-five (35) Satoshi mark.

Ahmad Asghar

Ahmad Asghar

A first generation gamer at heart and tech buff by nature, have been involved in the tech sector for better part of a decade. With that insight and knowledge, he now covers blockchain, cryptocurrency and everything fintech so others can make sense of the industry.

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