Dogecoin Price Analysis – September 22
At the time of writing, Dogecoin is yet to display a significant bullish move as the market continues to face the downside.
Resistance levels: $0.26, $0.28, 0.30
Support levels: $0.16, $0.14, $0.12
DOGE/USD remained indifferent as the last few hours were extremely bullish, wherein the price moves from $0.20 to $0.23. Today, the price has gone up to touch the 9-day moving average before dropping to $0.22. The daily price has been trending around the lower boundary of the channel as the trading volume fades out. Meanwhile, DOGE/USD remains in an unstable market as a price surge is more likely to play out.
Dogecoin Price Analysis: Dogecoin Price May Likely Surge
The daily chart reveals that the Doge price remains intact within the channel. However, for an upsurge to play out, DOGE/USD needs to cross above the 9-day and 21-day MAs which may cause the coin to meet the nearest resistances at $0.26, $0.28, and $0.30 before traders can consider additional levels for the trade.
On the contrary, a down surge below the lower boundary of the channel could move the market to $0.16, $0.14, and $0.12 supports after a possible fall to the downside. Meanwhile, the technical indicator shows that the Relative Strength Index (14) is moving to cross above 40-level, showing a bullish movement.
DOGE/BTC Market: The Price Faces the Downtrend
When compares with Bitcoin, Dogecoin is currently changing hands at 517 SAT and if the bulls can hold the price tight as it is and push it above the 21-day moving average, the next key resistance level could be at 550 SAT. Reaching this level could move the coin to the 600 SAT and above. However, the Relative Strength Index (14) crosses above 40-level and may likely give some possible bullish signals.
However, if the bulls fail to get the price to the nearest resistance, the market could continue its downtrend. Additionally, the Doge price is likely to see a sharp drop below the 9-day moving average. Breaking this barrier could bring the market to the next support level of 420 SAT and below.