DOGE rolls out of the bull flag as spare parts continue to rally
The DOGE play had a wild ride in 2021. Elon Musk was the biggest influence on the Doge’s Prize as his lyrics both helped and hurt the Doge. Doge had recently undergone a 50% correction, but the Bulls quickly bought DOGE by bouncing off his ascending channel which he followed for a month.
The main support range for DOGE is between $ 0.44-0.48. If the price of DOGE can maintain this support, it is considered bullish for another rising leg. To confirm a bullish rally, DOGE needs to break and hold $ 0.56. Confirming a potential bullish leg, the price of DOGE recently came out of a bullish flag and confirmed it.
DOGE Price Analysis: DOGE / USDT 1 Day Chart
If DOGE fails to maintain a major support range, a drop to $ 0.40 is expected. Near this area is the 30 MA which served as support last week when the Doge coin fell to $ 0.36. Moreover, the lower trend of its ascending channel is around the same area. This area is massive support for DOGE and can be summoned if a bearish leg prints.
The stochastic RSI was recently corrected to oversold levels. At the time of writing, the strength has recovered above level 30 and must hold for DOGE to continue to rise. The MACD has been on the side for a few days which may indicate that a bigger move is ahead. The MACD histogram has risen and is looking for a green bullish tick for the first time in a week.
DOGE intraday levels
- Spot rate: $ 0.537
- Trend: neutral
- Volatility: high
- Support: $ 0.489
- Resistance: $ 0.561
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