DOGE Jumps 17% Today, Here’s the Next Critical Target (Dogecoin Price Analysis)

DOGE did not disappoint in August with a 40% rally since the start of the month. The buyers managed to bring the price just under a key resistance which may put some breaks on this rally.

Key Support levels: $0.076

Key Resistance levels: $0.09, $0.11

DOGE’s price exploded by 17% today and has hit the key resistance at $0.09. This is the upper limit of a large descending triangle that has been forming since the all-time high in May 2021. If the bulls manage to break above this triangle, then the next target will be found at $0.11. The support is at $0.076.

DOGEUSDT_2022-08-16_15-32-15
Chart by TradingView

Technical Indicators

Trading Volume: Strong buy volume has taken DOGE much higher today. The big question is if buyers will be able to sustain this momentum.

RSI: The daily RSI is in the overbought area at over 70 points. This shows that buyers are eager to get exposure to DOGE, but they may also be caught off guard if bears are able to defend the key resistance.

MACD: The daily MACD is bullish with an expanding histogram and moving average. The current price action shows some euphoria, and this is reflected in the indicators as well.

DOGEUSDT_2022-08-16_15-31-44
Chart by TradingView

Bias

The bias for DOGE is bullish, but watch the key resistance.

Short-Term Prediction for DOGE Price

If buyers are able to break the key resistance at $0.09, then DOGE will be more likely to enter a sustained recovery and quickly move towards $0.11. However, the price action for Bitcoin and Ethereum is bearish in the short term, and this may put a stop to DOGE’s rally at this time.

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

Source: https://cryptopotato.com/doge-jumps-17-today-heres-the-next-critical-target-dogecoin-price-analysis/