DOGE Price Analysis: Dogecoin (DOGE) Stuck Within Descending Channel for 2 Months

DOGE price has been stuck in a 4 cent range the last week
100MA continues to hold price down
Major support of $0.24 is close to breaking down

DOGE price has been in a strong down trend ever since Elon Musks’ Saturday Night Live appearance. As of now,  $0.74 marked the top of DOGE as it has fallen nearly -70% since. From the low set in March of 2020, DOGE rose nearly 65,000% at its peak. This was one of the largest gaining cryptocurrencies in the top 500. With this data, it is not unexpected that DOGE price cut its value by 70% as large pumps are always followed by large dumps. 
Dogecoin has been respecting a descending channel for nearly 2 months. Bulls have failed to break above the top trend line of the channel multiple times which have resulted in a drop below the median line (orange dotted line). Right now DOGE price has yet again failed to break above the top trend which has traders wondering if another drop is to come. A break below the major support of $0.24 will likely result in another downfall and will confirm a short term bearish move. 
DOGE Price Analysis: DOGE/USDT 4 Hour Chart

The 100MA has also acted as resistance for the entire month of June. At the time of writing, this moving average is perfectly in line with the top trend of the descending channel. This confirms the viewpoint that DOGE must break the $0.26-$0.28 zone to begin a strong revival to May levels. Support comes in at $0.214 & $0.166 if the bulls fail to hold the $0.24 support.
While looking at the Relative Strength Index, we can see there is much indecision as the strength has been consolidating around the 50 range. A break above 60 is needed to see a strong revival. The MACD also confirms the view that consolidation is taking place and a larger move is on the horizon as the MA’s have been flat lining around the 0 value. 
DOGE intraday levels 

Spot rate: $0.243
Trend: Neutral
Volatility: Low
Support: $0.24
Resistance: $0.278

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

About Author

Domenic Fiore has a love for the financial markets. He decided to skip the college route to pursue entrepreneurship. He saw the vision to become an entrepreneur and wanted to achieve success from a young age. Domenic owned & operated a car detailing business since the age of 16, along with being a part of two CBD businesses through 2018 & 2019. He started his investment and trading career early trading in 2017 when he bought a newly released cryptocurrency alt-coin and saw 10x return in a few months. He then realized there was much potential and dove head first into learning everything he could. He became very passionate about technical analysis and knew it was his route to financial freedom. Over the last 4 years, Domenic has shared his analysis with many groups and received amazing feedback. Shortly after he wanted to help assist in the pursuit of spreading and helping others achieve success in the trading industry.

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