Key Takeaways:

• The Dogecoin price closed the previous day’s trade at $0.08 with a market capitalization of $11.01 billion with a circulating supply of 132.67 billion DOGE
• The DOGE price in the past couple of days ranged high to surpass the upper resistance but failed to do so and may be subjected to a minor correction phase

Dogecoin Technical Analysis for August 2022

Dogecoin price surged remarkably in the past couple of days after an extended consolidation for a couple of months. Woefully, DOGE price fell an inch short to rise beyond the consolidation and faced a minor rejection. Currently, the price is trying to regain the bullish momentum and may rise beyond the resistance, nullifying the bearish impact of the descending triangle. 

In the second half of August 2022, the asset is expected to intensify its volatility and attempt to maintain a firm upswing. While the technicals and the chart patterns are in favour of the bulls, the price may rise and hit the initial target at $0.096 and further try to surpass $0.1 by the end of the month. If the trade turns bearish, a slight pullback below $0.095 may be expected for a short time frame.

Technical Analysis at a Glance

Dogecoin price rally has thrived for a long time, but in an inverted manner, heading towards the south. After losing more than 90% of its gains in the past year, the possibility of a steep recovery has been diluted. 

Mainly due to the reason that each upswing has resulted in a significant price drain forming new lows. Therefore, it is much expected that the current upswing may also result in a notable price drain in the coming days. However, a strong rebound may prevent the asset from draining towards the lower support. 

Technical Indicators & Pivot Levels

Pivot Levels

The technicals are currently in favor of the bears in all the time frames and hence the DOGE price is expected to drop harder in the coming days. While RSI is Neutral in STF & bearish in HTF, a clear descending trend is witnessed ahead. On the other hand, the MACD is flashing a sell signal in the long term. 

Overall, the Dogecoin asset is less volatile in the short term indicating a steady trend regardless of the direction. Therefore, the asset may reach the present cycle highs and eventually drop hard in the long term. 

Additional Read: Dogecoin Price Prediction 2025

DOGECOIN ON CHAIN METRICS Analysis

• The network’s social dominance has risen significantly in the past couple of days, rebounding from the lows at 2.3% to 7.51%
• The address having 100K to 1 million DOGE has been on rising since the May crash in 2022 while the address with huge balances of 10 million & more has dropped considerably
• Additionally, the whale transaction count of more than a million has spiked extremely high since the past weekend for the first time in the past couple of months. 
• The daily active address is also surging marginally from the past 30 days while during the recent price surge, a notable spike in the addresses was recorded that hit 116.77K.

Dogecoin (DOGE) Technical Analysis for Short Term

Source: Tradingview

• The DOGE price rally in the short term is somewhat progressive as it maintains its trend within a raising channel
• As the RSI & MACD are pretty conservative, the possibilities of a narrow consolidation may prevail for sometime
• Further on reaching close to the lower support a notable rebound may be expected to rise the price above $0.086 in the next couple of days
• However, by the end of the weekly trade, the price could range beyond $0.09 and may rise above $0.1 by month-end

Dogecoin (DOGE) Technical Analysis for Long-Term

Source:Tradingview

• The DOGE Price in the long term is stuck up within a deep bearish trend as it has formed a descending triangle
• The recent rejection from the upper resistance validates the pattern formation which will further result to a drop in the price towards the lower support at $0.037
• However, if the assets fail to rebound finely, the asset is feared to drop below $0.02 for a short time frame
• As a notable upswing is predetermined, a strong rebound may rise the price above the support initially and back above $0.1 soon

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