Dogecoin (DOGE/USD): Dogecoin (DOGE) Sticks To The Fall; Price Drops To $0.0023 Support Level

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DOGE Price Analysis – August 30

Dogecoin (DOGE) is reflecting positive indications of embarking uptrend in the coming month. The traders are looking for the same.

DOGE/USD Market

Key Levels:
Resistance levels: $0.00270, $0.00280, $0.00295
Support levels: $0.00215, $0.00205, $0.00150

DOGEUSD – Daily Chart

Dogecoin price has shown a remarkable potential over the past two weeks. The coin is currently wide under market pressure. If we compare DOGE’s price at the beginning of the month, it was at $0.0029 and now stands at $0.0024. The DOGE price regression is at 17% in the last 30 days. Currently, the exact price forecast for DOGE would be completely vague. Therefore, it is recommended that traders are to stay on the spot and expect some market stability.

For now, Dogecoin hovers around $0.00239 after rising 1.80%. A correction above the 21-day moving average will pave the way for gains in the resistance levels of $0.00270, $0.00280, and $0.00295. On the downside, immediate support is $0.00225. It is important to note that $0.00220 is a key level of support. The main support levels are $0.00215, $0.00205, and $0.00150, but the RSI (14) is moving slowly below level 40, indicating a bearish movement.

DOGE/BTC Market

Comparing with Bitcoin, the pair appears bearish on the daily chart with over one-month movement which is now reaching a tight range. The weekly short opening has caused Dogecoin’s price to collapse near the lower boundary of the symmetric triangle. We may expect a bounce back to 26000SAT resistance. A further price push may set a bull-run for the token along with 27000SAT and 28000SAT resistance levels.

DOGEBTC – Daily Chart

Moreover, Dogecoin (DOGE) is currently indecisive. If the bear rally continues, we can expect a break-down to 25000SAT, 24000SAT, and 23000SAT support level. As it appeared now, the trading volume is still very high and the 25600SAT level is more likely to produce a rebound for the market. Regardless of the above, the price of Dogecoin is still looking bearish as the stochastic RSI indicator is dropping towards level 50.

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About AzeezMustaph

Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.