menuIcon
$ 111,118.8
BTC
$ 111,118.8
2.61 %
$ 2,638.32
ETH
$ 2,638.32
5.12 %
$ 0.8017
ADA
$ 0.8017
5.15 %
$ 679.39
BNB
$ 679.39
1.43 %
$ 178.36
SOL
$ 178.36
5.04 %
Peter Oleshchuk
Jun 28, 2022
by Peter Oleshchuk

DOGE Technical Analysis: The End Of The Downward Trend Has Begun

DOGE Technical Analysis

Table of contents

  1. DOGE Technical Analysis On The Daily Timeframe
  2. DOGEBTC Price Hints At A High Chance Of Breaking The Global Downward Trend
The month of June was not entirely successful for investors of the DOGE cryptocurrency. The advantage that buyers kept at the end of May was lost. This is a range of $0.08. In the past, this range was a historical high. In February 2021, buyers stopped their aggressive growth wave for a few weeks just after the DOGE price met the $0.08 mark. Moving back to the present, we see that 4 weeks of weak but constant pressure from sellers was enough to take control of this range. Now buyers are in a difficult situation. Yes, the DOGE price again tested the bottom of the fall channel and began a rebound. However, whether the future of this rebound is above $0.08 is still unclear.

TradingView Chart

The weekly chart shows us that the first meeting of the DOGE price with a mark of $0.08 took place in favor of sellers. If the purchase does not change the situation by the end of the week and the DOGE price closes below the critical mark, we will expect a re-test of the $0.053 mark. It is after the test of this mark that buyers can gain new strength to break the mark of $0.08 and the test of $0.11.

DOGE Technical Analysis On The Daily Timeframe

TradingView Chart

Analyzing the movement of the DOGE price on the daily timeframe, several contradictions can be found. On the one hand, the price rebound after the aggressive fall wave on 10 June is quite uncertain. The price of tiny candles is trying to grow. The fact of DOGE's difficult growth since 19 June indicates the presence of a large number of sellers and the uncertainty of buyers in this liquidity range. As long as the local trend rebound is under the control of buyers - their attempt to break $0.08 is incomplete.

Though, after sellers take away from buyers the initiative and control over a local mark of $0,066, it is necessary to expect check of buyers on durability in the range of $0.053. In the case of successful checking, we will expect a much more aggressive growth wave. It is worth buying DOGE confidently after the price rises to $0.11 and the retest is above $0.08. It is during such a price pattern that investing in DOGE will be the safest.

DOGEBTC Price Hints At A High Chance Of Breaking The Global Downward Trend

TradingView Chart

The weekly chart of DOGEBTC also shows the loss of control by buyers over the important liquidity range of 0.0000029. However, unlike the DOGEUSDT trading pair, the DOGEBTC price returned above this range and broke the upper trend line of the global downward trend. This is a serious signal of the strength of buyers. Another retest in the range of 0.0000029 is missing for maximum confidence. In the event that buyers retain this liquidity zone and do not allow the DOGEBTC price to close below - we will wait for the start. The beginning of a new growth trend that all DOGE investors have been waiting for. The first target is 0.00000512.

Follow us on: News
DOGE price. DOGE technical analysis DOGE market DOGEBTC DOGE cryptocurrency
DOGE Technical Analysis: The End Of The Downward Trend Has Begun
Peter Oleshchuk
Peter came to know about cryptocurrencies in 2017 and was instantly enamoured by their massive potential. As he gained more insights about the crypto market, he began writing about it. Peter's daily activity is analysis and forecasting, studying the price movements probabilities, and trying to understand the market inside. He is glad to witness such a phenomenon as cryptocurrency and decentralized finance, and to participate in it.

Top Picks