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Dogecoin (DOGE) Cracks Over 150% In 7 Days; Is The Top In Yet?

Byharjotsinghjaspal

Nov 1, 2022
Dogecoin (DOGE)
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  • DOGE’s price shows strength as it continues its rally with eyes set on a high of $0.2. 
  • DOGE could rally more as the price creates more bullish bias by breaking out of a bullish continuation pattern with eyes set on rallying higher.
  • DOGE’s price remains strong on all timeframes as price trades above the 50 and 200 Exponential Moving Averages (EMA).

The price action displayed by Dogecoin (DOGE) in the past few days has been tremendous, as the price of Dogecoin (DOGE) has become a standout performer creating the euphoria of a bull market in the hearts of many. The price of Bitcoin (BTC) creates a more bullish scenario across the crypto market; this has also acted as a catalyst for the price of DOGE, given how the market has started a little relief across all boards. (Data from Binance)

Dogecoin (DOGE) Price Analysis On The Weekly Chart

The crypto market is looking increasingly welcoming as many altcoins continue producing over 150% gains over the past 7 days of breaking out of its range-bound movement. The likes of DOGE have seen some great runs in recent times rallying from a low of $0.055 to a high of $0.15.

The past weeks were tough for the crypto space, with many altcoins struggling to hold up their key support areas. With the week looking more promising and Bitcoin (BTC) prices gaining traction, the crypto market has enjoyed a measure of relief.

After its weekly close of above $0.07, the price of DOGE rallied to a high of $0.14; the price faced a minor rejection to break higher to a region of $0.15; the price struggled to break above this region.

The price of DOGE has maintained its bullish structure above the $0.145 region, as the price of DOGE eyes a rally to a region of $0.18 which could prove to be very key in its price rally to $0.2. If the price of DOGE fails to overcome $0.2, we could see the price drop to $0.18-$0.15.

Weekly resistance for the price of DOGE – $0.18-$0.2.

Weekly support for the price of DOGE – $0.145.

Price Analysis Of DOGE On The Daily (1D) Chart

Daily DOGE Price Chart | Source: DOGEUSDT On Tradingview.com

In the daily timeframe, the price of DOGE continued to look strong as the price broke out of its bullish continuation pattern haven retraced a little for more buy orders; the price of DOGE has continued to rally with good volume to a high of $0.158 but has faced a little rejection. 

APE currently trades at $4.9, just above its key support formed at $5 after its successful breakout from a descending triangle. The price of APE trades below the 50 EMA, and the 50 EMA corresponds to $5, acting as support for the price of APE.

The price of DOGE is struggling to break and close above $0.155, which corresponds to the 61.8% Fibonacci retracement value (Fib Value); if the price breaks and closes, we could see the price rally to $0.18-0.2, signaling a possible price retracement to a region of $0.15-$0.14. 

Daily resistance for the DOGE price – $0.18-$0.2.

Daily support for the DOGE price – $0.14.

Featured Image From Ticker, Charts From Tradingview 



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