DOGE Technical Analysis: Can Dogecoin Rise 40% To Test 200-day EMA?

Key technical points:

Past Performance of DOGE

DOGE coin price shows a long-coming downtrend in action resulting in a highly bearish resistance trendline that has crushed multiple bullish attempts. The downfall accounts for a 65% discount resulting in lower high formations under the trendline influence. However, the $0.10 breakout teases the trendline breakout possibility. 

Source-Tradingview

DOGE Technical Analysis 

DOGE coin price forms a falling wedge pattern with a new-coming descending support trendline indicating a breakout shortly, as the price bottles up the pattern. Hence, an entry opportunity to capture the upcoming. 

The multiple failures to sustain above the 50-day EMA after the death cross-promote the downtrend continuation. However, the 50-day EMA breakout could result in a price jump to the 200-day EMA, accounting for a 40% surge. 

RSI Indicator: The RSI slope reflects an end of the long-coming downtrend with a spike above the center mark and the 14-day SMA. Moreover, the bullish commitment is evident with the bullish divergence breakout.

MACD Indicator: The MACD and signal end the downtrend after regaining the bullish alignment with a positive crossover. It showcases a solid underlying bullishness that could result in the wedge breakout. 

In short, DOGE technical analysis gives a bullish bias that might end the long-coming downfall shortly.

Upcoming Trend 

DOGE coin price breaks the $0.10 mark to reach the $0.125 mark as the buying pressure grows along with the buying indications. However, the bullish breakout of the wedge pattern also puts a potential result of a 40% price jump to the 200-day EMA. 

Support Levels: $0.10 and $0.090

Resistance Levels: $0.15 and $0.20