Analysis of Dogecoin Price: A falling wedge pattern has been formed as a result of the current correction in Dogecoin price that is resonating between convergent trendlines. The fact that the coin price bounced at least twice off the pattern’s major obstacles shows that traders are paying attention to this chart structure. This pattern can be used by interested traders to identify entry points in traders in the following manner.
Major Points
- The Dogecoin price’s phase of currency correction is governed by a falling wedge pattern.
- To start a new recovery rally, a bullish breakout from the pattern’s resistance trendline is required.
- The Dogecoin coin has a $314.5 Million 24-hour trading volume, representing a 52% gain.
The cost of Dogecoin
The Dogecoin price gave a bearish breakdown from the weekly support of $0.0777 amid the market’s escalating sell-off. The selling pressure is accelerated by this breakdown, which pushes this memecoin 4.5% lower to its current price of $0.0742.
The price of DOGE is likely to drop another 5% and hit the pattern’s support trendline and combined support of $0.071 if the supply momentum continues. Retesting the lower support trendline under ideal circumstances typically restores the bullish momentum and results in a price reversal.
Therefore, it is more likely that the Dogecoin price will experience a brief uptick, which could push the memecoin 8% higher and towards the overhead trendline.
To start a new recovery rally, the buyers would need a clear breakout above the resistance trendline.
Technical indicators
Statistical tools Convergence of Moving Averages Divergence: Strongly bearish momentum is projected by the downsloping MACD (blue) and signal (orange) below the neutral line.
Exponential Moving Average: The flattish EMAs (50, 100, and 200) indicate a sideways trend in the price of dogecoin. However, the current temporary decline is encountering dynamic resistance from the falling.
Dogecoin Intraday Levels of Price
Rate-on-spot: $0.0742
Trend: Negative
Medium volatility
Support levels are $0.07 and $0.0628, while resistance levels are $0.077 and $0.0838.
