Published 31 mins ago
Dogecoin Price Analysis: In response to broader market choppiness, the Dogecoin price has been moving sideways for over a week. The multiple short-body candles in the daily chart reflect indecisiveness among traders and no sign of a potential rally. However, the formation of a falling wedge pattern keeps the ongoing correction phase intact and threatens the DOGE price for longer correction.
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Key Points
- A reversal from the resistance trendline of the wedge pattern may accelerate the selling pressure on Dogecoin
- The dynamic resistance of 20-day EMA may encourage sellers for a longer correction
- The 24-hour trading volume in the Dogecoin coin is $328.5 Million, indicating a 36% gain.
Source-Tradingview
By the press time, the Dogecoin price traded at $0.0735, with an intraday gain of 1.02%. The sideways trend in this memecoin has just hit the resistance trendline of the wedge pattern, pouring more selling pressure in the market,
The daily candle showcasing a long-wick rejection at the trendline reflects the sellers defending this resistance and increasing the possibility of a bearish reversal and resumption of a prevailing correction phase.
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This potential downfall could more likely tumble the prices by 8% and hit the combined support of $0.068 and lower the trendline of the wedge pattern.
However, the aforementioned pattern usually triggers a significant uptrend. Thus, for the Dogecoin price to restart a bullish recovery it needs to break above the overhead trendline.
Technical Indicator
Relative Strength Index: A slight uptick in the daily RSI slope reflects the buying pressure at lower levels is rising which may actually encourage a breakout above the wedge pattern resistance.
Exponential Moving Average: The Dogecoin price trading below daily EMAs(20, 50, 100, and 200) reflects the traders may face the least resistance on a short position.
Dogecoin Price Intraday Levels
- Spot rate: $0.073
- Trend: Bullish
- Volatility: High
- Resistance levels- $0.0748 and $0.0812
- Support levels- $0.067 and $0.063
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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.
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- Source: https://coingape.com/markets/dogecoin-price-analysis-overhead-supply-puts-doge-price-at-risk-8-drop/
