Dogecoin News: Ever since Elon Musk appeared on Saturday Night Live (SNL), the price of Dogecoin has entered a strong downtrend. Although there was a meme coin craze in April-May, it is currently in a big decline. Many retail investors entered the Dogecoin market above $0.40 USD, but the majority witnessed close to 50% loss in these coins. A bullish burst in BTC value will most likely trigger another uptrend for Dogecoin.
Dogecoin price overview
On a review of the chart, we can see that the bulls are constantly trying to break above the top trendline but failing every time. When there is a break above this upper trend, it can be interpreted that the DOGE value will also get rid of the 2-month downtrend that it suffered from. If this succeeds, it can be said that Dogecoin should break and hold on to the 20-day MA for over a month. The price will then bounce back to battle major resistance at $0.239.
Dogecoin price analysis: Daily chart
If the bears take control further, Dogecoin will likely bounce back to the main support currently at $0.193.
A break below this would send Dogecoin back to values found around its main support at $0.166. Should this bearish scenario occur, Dogecoin will trade around the median line of its declining channel. This area could provide enough strength to push Dogecoin above $0.20 USD.
Looking at the Stochastic RSI, it can be seen that the value has visited the oversold area. If the strength continues throughout this region, the value of Dogecoin could decline further. The RSI has been pretty flat for the past few months as it reflects Dogecoin price action. It has been observed that a long-term trend has been detected, which is an important line to break the strength in order to start a new uptrend.