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.
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.
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
HBAR price rose by 2.4% today, Oct. 24, mirroring the performance of the crypto market…
The Chainlink price has maintained steady traction near $17.6, with on-chain accumulation strengthening investor confidence.…
The Sui price has recently drawn investor interest after rebounding from a key demand zone,…
The PUMP price has regained market attention following renewed whale activity and a confirmed breakout…
Dogecoin price has crashed in the past few weeks as it moved into a bear…
The Solana price has regained stability above $180 after several volatile weeks. SOL price continues…