Increasing demand pressure may bolster the DOEG buyers to above, hovering around the $0.245 mark.
Published 10 mins ago
Over the past three days, the Dogecoin price has remained relatively stagnant, hovering around the $0.061 mark This period of dormancy, characterized by candles with small bodies, suggests a lack of clear direction from both the bulls and bears. Such a pattern has persisted for over a month, indicating a short-term consolidation phase. However, here’s how the DOGE price may escape this consolidation phase.
Will DOGE Price Reclaim $0.07 Mark?
- The DOGE price downtrend may continue until the trendline is intact
- A bullish breakout from this overhead resistance will trigger a fresh recovery.
- The 24-hour trading volume in Dogecoin is $100 Million, indicating a 17% loss
On the daily chart, two distinct patterns are influencing the Dogecoin price behavior. Firstly, there’s a range formation with boundaries at $0.068 and $0.056. Secondly, a descending resistance trendline is noticeable.
Following the crypto market’s bearish tilt, the DOGE price faces supply pressure around the $0.063 mark leading to a drop to a current trading price of $0.0617. If this trendline continues to exert downward pressure, the sellers might gain the upper hand, potentially pushing the price to test the long-standing $0.059 support.
A breach below this level, confirmed by a daily candle close, could further amplify bearish sentiments, potentially causing a 5.5% decline toward the $0.056 level.
However, the aforementioned support aligned with a rising trendline creates an area of high interest(AOI). For over two years, the coin price has found suitable support at this level for investors suitable footing to enter at dips.
Trendline Breakout Hints 10% Upswing Ahead
If buyers seize this moment of market indecision, a successful breakout above the descending trendline could reinvigorate bullish momentum. A confirmed breakout could pave the way for a rally, potentially propelling DOGE by approximately 10% to face resistance at $0.068, with the next target being $0.077.
- Exponential Moving Average: The 20-day EMA barrier county offers dynamic resistance during the bullish upswing.
- Moving Average Convergence Divergence: The flattish MACD indicator accentuates uncertainty among market participants.
- Relative Strength Index: The daily RSI slope rising above 40% projects the buyers building momentum for a price reversal.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.