<em><strong>DOGE prices consolidate near the support trendline and face rejection from the supply zone at $0.70. Will Dogecoin manage to rise again this year?</strong></em>

Bullish recovery of 30% in early August, the DOGE prices fell sharply back to the support trendline. Currently, the prices consolidate near the confluence of the 50-day SMA and the support trendline, preparing a bullish launch above the $0.70 supply zone. Should you consider buying <a href="https://www.cryptoknowmics.com/news/776-million-dogecoins-transferred-by-anons-1-3-goes-to-binance/" target="_blank" rel="noopener">Dogecoin</a> before the bullish launch?
<h3>Key Points:</h3>
<ul>
 	<li>The DOGE prices prepare for a bullish launch to the $0.10 mark.</li>
 	<li>The 50-day SMAs help the Dogecoin prices float above $0.60 after the recent selling spree.</li>
 	<li>With a market cap of $9.06 billion, the intraday trading volume of Dogecoin has increased by 25% to reach $470 million.</li>
</ul>
<img class="alignnone" src="https://s3.tradingview.com/snapshots/g/geG9yiSI.png" alt="DOGE/USD Chart" width="2047" height="1057" />

Source - <a href="https://www.tradingview.com/x/geG9yiSI/" target="_blank" rel="nofollow noopener">Tradingview</a>
<h2>DOGE Technical Analysis</h2>
The DOGE prices recently displayed a bullish reversal from the 50-day SMA to jump 30% within two weeks in early August. However, the extreme supply inflow at $0.86 resulted in a bearish turnaround which quickly brought the prices back to the 50-day SMA within three days.

Currently, the price action displays a sideways trend near the 50-day SMA while the prices take low price rejection from the support trend line. However, the supply zone at $0.070 and the 100-day SMA act as the overhead resistance.

The bearish turnaround lowers the possibility of a bullish crossover between the 50 and 100-day SMA. However, a bullish breakout will ensure a positive crossover which may further fuel the bullish trend. The high momentum bullish breakout rally may drive the DOEG price above $0.075 to reclaim dominance at $0.10.

On a contrary note, a bearish breakout of the support trendline may stop the price at the $0.060 or $0.055 mark.
<h2>Technical Indicators</h2>
Amidst a sideways price action, the RSI slope movie in the negative territory indicates the trader sentiment is bearish for Dogecoin.

The downsloping MACD and the signal line are nearing a breakdown from the neutral zone. This crossover will offer an additional confirmation for the bear trend continuation.

Hence the technical indicators oppose the bull run possibility in DOGE prices.

Resistance Levels: $0.075 and $0.093

Support Levels: $0.063 and $0.055

Will DOGE Prices Bounce From The Support Trendline For A 40% Jump?

DOGE prices consolidate near the support trendline and face rejection from the supply zone at $0.70. Will Dogecoin manage to rise again this year?

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

Will DOGE Prices Bounce From The Support Trendline For A 40% Jump?

Top Picks