Dogecoin Price Analysis: Will $DOGE Buyers Hold $0.06 Support As Market FUD Rises?

Dogecoin Price Analysis: Amid the recovery rally initiated in mid-June, the Dogecoin price rose with new higher lows and showed the formation of an ascending triangle pattern. The coin buyers are using this pattern’s rising trendline as dynamic support to maintain a bullish reversal. However, with the 0.6% intraday loss, the coin shows an attempt for a bearish breakdown from this pattern and possible price correction.

Also Read: Dogecoin Price Analysis: Will $DOGE Price Recovery Push Past $0.07 Barrier?

Dogecoin Price Daily Chart

• A breakdown below the support trendline of the triangle pattern could plunge the $DOGE price by 18.5%.
• The Bollinger Band squeezing indicates increasing market volatility
• The 24-hour trading volume in the Dogecoin coin is $204.3 Million, indicating a 0.23% gain.

Source-Tradingview 

Over the past four weeks, the eighth largest cryptocurrency-Dogecoin resonated within barriers of an ascending triangle pattern with a $0.0702 neckline resistance and support trendline. Under the influence of this pattern, the coin price witnessed gradual growth in bullish momentum and opportunity for a long opportunity. 

However, amid the current uncertainty in the crypto market, the DOGE Price struggles to sustain above the support trendline. By the press time, the memecoin currently trades at 0.0654 and shows a crackdown from the lower trendline.

A bearish breakdown from the bullish pattern is a strong sell signal which could continue the prevailing downtrend in this popular memecoin. The post-breakdown fall may push the prices 18% down to hit $0.053.

[converter id=”doge-dogecoin” url=”https://coingape.com/price/converter/doge-to-usd/?amount=1″]

Will Dogecoin Price Reach $0.88 High?

If the buyers stepped in by day’s end and pushed the prices back above the trendline, the bullish pattern will remain intact. The constant support from the rising trendline will bolster buyers to challenge the $0.07 neckline resistance. This breakout will restore sufficient bullish momentum and push the prices back to the $0.088 mark.

• Bollinger Band: If the Bollinger Band indicator gets challenged on the downside the sellers may carry a high momentum fall.
• Relative Strength Index: Conversely to the new lower highs in price action, the daily RSI rising indicates the buyer’s attempts are not making a significant impact on the current trend.