Technical analysis

Will DOGE Price Find Its Tail Under $0.050?

Trapped in a long-term downtrend, the DOGE price is down by almost 60% since November 2022. With the crucial EMAs maintaining a downtrend, the future seems bleak for the dog-themed memecoin. 

In the daily chart, the DOGE price action displays a falling wedge pattern with an ongoing correction phase. Moreover, the DOGE price action mimics a head and shoulder pattern with the fakeout of $0.64 during the consolidation phase. 

In hindsight, the drastic 4.20% fall on the 10th and 11th of September led to the head and shoulder breakdown. 

Currently, the DOGE price trades at $0.610 with a higher price rejection in the intraday candle that displays a retest of the bearish breakdown. Moreover, it promotes the possibility of a downtrend continuation. 

Coming to the technical indicators, the MACD indicator displays a bearish crossover. Meanwhile, the RSI indicator approaches the oversold boundary. 

In the 4-H chart, the DOGE price action displays a quick reversal to retest the broken range at $0.61. If the bearish supply increases at the $0.61 resistance zone, the downtrend continuation can break under the $0.59 mark. This increases the possibility of a downfall with a post-retest reversal.

The DOGE price action can challenge the support trendline of the falling wedge pattern and reach the $0.053 mark before taking a bullish reversal. This will lead to extreme pressure on upcoming support levels and challenge the bullish dominance. 


fbq(‘init’, ‘887971145773722’);
fbq(‘track’, ‘PageView’);

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
%d bloggers like this: