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While the crypto market is going through a slow yet steady recovery, the DOGE/USDT pair rallying with higher low formation reflects growth in bullish momentum. However, the coin buyers failed to surpass the $0.075 resistance despite multiple attempts in the past two months. Furthermore, a long-wick rejection candle at this resistance with a 1.2% intraday loss indicates a potential price correction.
Key points:
- The DOGE chart shows a formidable barrier at the $0.075 mark
- The 20 and 50 SMA of the daily time frame chart are flipped to viable supports
- The 24-hour trading volume in the Dogecoin coin is $641.5 Million, indicating a 92.5% gain.
Source-Tradingview
A firm resistance level and higher low formation marked by a rising trendline indicate an ascending triangle pattern in the daily time frame chart. Earlier today, the DOGE price showed a 7% gain as it rechallenged the $0.075 neckline resistance; however, the price couldn’t sustain at this level and reverted immediately.
The long-wick rejection attached to the daily candle indicates the sellers are aggressively defending this level. In addition, when the altcoin hit this resistance previously, the prices were usually retraced to the support trendline.
Thus, if the selling pressure persists, the DOGE price may tumble 7% and plunge to the combined support of $0.065. However, under the pattern influence, altcoin should rebound from the support trendline and eventually breach the $0.075.
The resulting rally should rise 27.5% higher and hit the $0.0936 resistance.
While the DOGE price action favors buyers, a bearish breakdown from the support trendline will invalidate the bullish thesis.
Technical indicator
Relative Strength Index: the daily-RSI slope gradually rising above the midline indicates the positive sentiment is returning to the DOGE price. Thus, the indicator line moving above the neutral line indicates an additional confirmation for triangle breakout.
SMAs: The flattened 20-and-50-day SMA accentuates a short consolidation in price action. However, these slopes trading below the coin price may stall the potential correction at $0.0675
- Resistance levels- $0.075 and $0.0883
- Support levels- $0.065 and $0.06
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