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Dogecoin Price Prediction: In the daily time frame chart, the Dogecoin price has been strictly resonating between the two covering trendlines over the past five months. This downsloping trendline reveals the formation of a falling wedge pattern, giving specific direction to the ongoing downtrend. Here’s how this pattern may influence Dogecoins’ future price
Key Points
- A bearish breakdown from $0.08 intensifies the selling momentum in the DOGE price
- A falling wedge pattern governs the ongoing downtrend in DOGE/USDT pair
- The 24-hour trading volume in the Dogecoin coin is $771 Billion, indicating a 17% loss.
Source-Tradingview
On April 2nd, the Dogecoin price turned down from the resistance trendline of a falling wedge pattern. By the press time, the coin price trades at $0.774 but a bearish reversal from the downsloping trendline is likely to trigger a new bear cycle within the pattern.
With a potential breakdown, If the daily candle closes below the immediate support of $0.08, sellers will get an additional confirmation for a significant correction. The potential drop could tumble the DOGE price to lower support trendline, registering a 22% loss.
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However, this bearish reversal could face in between support at $0.07 and $0.065 levels.
However, in theory, a falling wedge pattern is a famous bullish continuation pattern and the decreasing price spread due to converging trendlines indicates the weakening of bearish momentum.
Thus, the dogecoin price will eventually breach the overhead trendline as an early sign of trend reversal.
Technical indicators
RSI: The daily RSI slope on the verge of dropping below the midline will give additional confirmation for the upcoming downfall.
EMAs: the flattish EMAs(20, 50, 100, and 200)reflect a sideways trend in the DOGE price.
Dogecoin Price Intraday Levels
- Spot rate: $0.0773
- Trend: Bearish
- Volatility: Medium
- Resistance levels- $0.08 and $0.091
- Support levels- $0.07 and $0.06
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