Dogecoin Price Analysis Hints High Volatility Before an Explosive Move

Dogecoin Price Analysis: For over a week, the Dogecoin price has remained flattish trading below a local resistance of $0.063. The daily chart showed several short-bodied candles, indicating a lack of initiation from buyers or sellers to retake trend control. Despite this uncertainty, the DOGE price has not violated the levels of the falling channel pattern, validating it as a crucial setup to predict future prices.

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Dogecoin Price Daily Chart

• The support trendline of the channel pattern may prevent the DOGE price from excessive downfall.
• A breakout above the $0.063 resistance would signal an upcoming relief rally
• The 24-hour trading volume in the Dogecoin coin is $182.5 Million, indicating a 0.74% gain.

Source-Tradingview 

Dogecoin traders are still trying to stabilize the price action after the massive on June 10th. Though the coin price found suitable support at the lower trendline of the channel pattern, the buyers are struggling to regain higher grounds

By the press time, the Dogecoin price traded at $0.0618 with an intraday loss of 0.43%. The daily chart shows higher price rejection at the immediate resistance of $0.063, suggesting the sellers continue to pressurize the coin price.

Therefore, it is likely the Dogecoin price prolongs the current consolidation until the buyers recuperate the bullish momentum. Under the pessimistic scenario, the price could retest the $0.056 support to attract more buyers at discounted value.

Will Dogecoin Price Reach $0.07?

A retest to the channel pattern’s support trendline usually triggers a significant upswing back to the upper trendline. However, a bullish breakout from $0.063 overhead resistance with daily candle closing will be the first signal for Doge traders for potential recovery. This breakout will provide buyers with a stepping stone to climb higher and a lead price of 12% higher to reach the $0.07 psychological barrier.

• Exponential Moving Average: The dynamic resistance of 20-day EMA could increase the resistance power of $0.063 resistance.
• Directional Movement Index: The DI+ and DI- slopes gradually nearing a bullish crossover indicating the losing bearish momentum.