Doge Price Analysis: Target Achieved! What’s Next?

  • Doge coin prices gave a successful flag and pole pattern breakout 
  • Doge coin prices surged 85% in a single day, against the projected target of 75%
DOGE
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Doge coin rallied 85% which was more than the projected target of 75%, which was calculated on the basis of the size of the pole of the flag and pole pattern. The coin has seen some profit booking which threw the coin back to $0.013 levels as against the high of $0.0149. The market cap and 24 hour volume are $1,648,809,833 and $1,308,280,252 respectively. 

Dogecoin Price Rise: A Successful Flag And Pole Pattern 

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Doge coin price after giving a 85% upside saw a significant profit booking which pushed the coin towards $0.0127 from $0.0149. The coin can see a short term correction from here on as the prices have considerably risen above the VWAP($0.01176), 10EMA($0.009), 20EMA($0.0088) and 50EMA($0.00736).

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The Bollinger Bands are as follows – Upper($0.0115), median($0.0089) and lower ($0.006). The prices have risen above the upper bands also, indicating a possibility os a spontaneous correction on intraday levels. 

The volume has risen 10 times suggesting a mass level participation of bulls and a creation of a strong support at $0.008 levels)

The RSI is at 72 levels, indicating that the coin may surge further since it has not risen to the overbought territory of 90 levels. 

The MACD(8,21,5) has flashed a buy signal along with this breakout and that too at 0 levels. The MACD lines will find their next resistance at 0.0018 levels. 

The ADX line is at 12 along with DI- which is at 15.73 meanwhile the DI+ has surged to 38 levels; sign of a considerable amount of buying pressure for the coin. 

Conclusion – 

Dogecoin prices have made an all-time high post a flag and pole pattern breakout. The coin is facing profit booking currently but we may still expect a continuation in the rally since the indicators haven’t reached to overbought zones or flashed any weakness. 

Support: $0.0123(VWAP), $0.0106 and $0.00902(Bollinger Band 10 EMA)

Resistance: $0.0149(All-time high) and $0.0137(Second next all-time high)

Also Read: https://www.thecoinrepublic.com/2021/01/15/dogecoin-price-analysis-formation-of-flag-and-pole-pattern/

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Kartik Dhankanihttp://thecoinrepublic.com
Kartik Dhankani is a BAF Student based out of India and a stock market trader and Financial Analyst. He seeks to diversify his reach to different investment alternatives and analyse them using his knowledge for fundamental and technical analysis

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