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Dogecoin Price Prediction: In the daily time frame chart, the Dogecoin price is falling under the influence of a descending wedge pattern. This pattern consists of two converging trendlines, which squeeze the price action narrow for an imminent breakout. In theory, this pattern presents a higher possibility of upside breakout offering an entry opportunity to interested buyers.
Key Points
- The ongoing correction in Dogecoin price will continue until the wedge pattern is intact
- A bearish crossover between the 20-and-50-day may encourage price for a longer correction
- The 24-hour trading volume in the Dogecoin coin is $323.5 Million, indicating a 30% gain.
Source-Tradingview
The Dogecoin price has been in a correction phase since last month and continues to resonate within the wedge pattern as it travels lower. The coin price bounced twice from the above trendline and thrice from the lower trendline indicate, the traders respect this bullish setup and follow its potential target as well.
A recent reversal from the lower trendline has set the DOGE price to a bull cycle with the pattern to rechallenge the overhead trendline, The Dogecoin price currently trades at $0.078 and is likely to rise another 6% to hit the above trendline.
However, interested traders waiting for an entry opportunity should wait for a breakout above the aforementioned trendline with a daily candle closing above. The potential breakout may signal upcoming recovery and set the DOGE price for a 33% rise to hit the $0.104 mark.
Conversely, a breakdown below the support trendline will accelerate the selling pressure.
Technical indicators
Relative Strength Index: The daily RSI slope dived deeper into the bearish territory reflecting a negative sentiment in the market
Exponential Moving Average: the flatish EMAs(20, 50, 100, and 200) reflect a sideways trend in Dogecoin price
Dogecoin Price Intraday Levels
- Spot rate: $0.078
- Trend: Bearish
- Volatility: Medium
- Resistance levels- $0.094 and $0.104
- Support levels- $0.078 and $0.0706
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