Dogecoin Price Analysis: DOGE Price Poised for 5% Drop this Week But there’s a Catch
Dogecoin Price Analysis: The ongoing correction in Dogecoin price resonating between converging trendlines reveal the formation of a falling wedge pattern. The coin price bounced at least twice from the pattern’s key barriers indicating the market participants are actively responding to this chart structure. Here’s how interested traders may use this pattern to find entry opportunities in traders.
Key Points
- A falling wedge pattern governs the current correction phase in the Dogecoin price
- A bullish breakout from the pattern’s resistance trendline is needed to initiate a fresh recovery rally
- The 24-hour trading volume in the Dogecoin coin is $314.5 Million, indicating a 52% gain.
Source-Tradingview
Amid the increasing sell-off in the market, the Dogecoin price gave a bearish breakdown from the weekly support of $0.0777. This breakdown accelerates the selling pressure and tumbles this memecoin 4.5% down to currently trade at the $0.0742 mark.
If the supply momentum persists, the DOGE price is likely to fall another 5% and meet the combined support of $0.071 and the pattern’s support trendline. In an ideal condition, a retest to the lower support trendline usually recuperates the bullish momentum and triggers a price reversal.
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Thus, the Dogecoin price is more likely to witness a temporary recovery which may surge the memecoin nearly 8% higher to hit the overhead trendline.
However, the buyers would need a decisive breakout above the resistance trendline to trigger a fresh recovery rally.
Technical indicators
Moving Average Convergence Divergence: The downsloping MACD(blue) and signal(orange) below the neutral line project strong bearish momentum.
Exponential Moving Average: the flattish EMAs(50, 100, and 200) reflect the dogecoin price is witnessing a sideways trend. However, the falling is offering dynamic resistance to the current short-term downfall.
Dogecoin Price Intraday Levels
- Spot rate: $0.0742
- Trend: Bearish
- Volatility: Medium
- Resistance levels- $0.077 and $0.0838
- Support levels- $0.07 and $0.0628
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