Dogecoin Price Prediction: Triangle Pattern Points to Long Sideways Trend Ahead

Dogecoin Price Prediction: The weekly time frame chart of Dogecoin price shows the downward trend has shifted sideways suggesting the exhaustion of bearish momentum. The price action showed the formation of higher lows violating the Dow theory of downtrend. Amid this lateral walk, the memecoin price resonates between two converging trendlines indicating the formation of a symmetrical triangle pattern. Under the influence of this pattern, the DOGE price could witness a prolonged sideways trend.

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Dogecoin Price Daily Chart

• An ascending triangle pattern governs the current sideways action in Doge..
• A breakout above the steep resistance trendline set the popular  memecoin for x%
• The 24-hour trading volume in the Dogecoin coin is $739.5 Million, indicating a 24% gain

Source-Tradingview 

During the mid-June rally, the Dogecoin price rebounded from the support trendline of the symmetrical triangle pattern. This bullish reversal surged the coin price by 35% and currently trades at $0.071.

The rising prices are currently facing resistance at a steep resistance trendline carrying a short-term correction. If this overhead resistance persists, the coin price could continue to hover above the support trendline or bottom support trendline. 

A bullish breakout from this overhead trendline will signal an entry opportunity and a new bull cycle within the triangle pattern. With sustained buying, the coin price would rise 55% to reach the overhead trendline.

When May DOGE Price Start an Uptrend?

The triangle pattern formed in a higher timeframe indicates the Dogecoin price will remain under its influence for months. Until the converging trendlines are intact, the sideways trend will persist. The coin traders interested in a direction move should form a breakout from either trendline before positioning their funds in the market.

• Exponential Moving Average: the crucial EMAs( 20, 50, 100, and, 200) wavering just above the Doge price suggestions multiple barriers against buyers
• Relative strength index: A significant rally in the RSI slope reflects the underlying growth in bullish momentum and a higher possibility of a bullish upswing.