Dogecoin Price Analysis: Overhead Supply Puts DOGE Price at Risk 8% Drop; Keep Holding?
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.
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.
Also Read: Top 10 New Meme Coins With The Best Potential In 2023
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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