DOGE Inside an Interesting Pattern!

Dogecoin price prediction highlights the consolidation phase of DOGE inside an interesting falling pattern over the daily chart. However, buyers are trying to push DOGE upwards toward the upper trendline of the descending triangle pattern. DOGE declined from the $0.07704 mark and is stuck inside the descending triangle pattern. It is currently consolidating over the daily time frame chart. 

Dogecoin price was at $0.06123 and gained 1.01% of its market capitalization intraday. Trading volume increased by 70% during the intraday trading session which demonstrates that buyers are trying to accumulate in order to push DOGE crypto upwards. The volume-to-market cap ratio was at 1.92%.

Will Dogecoin Price Register a Breakout?

Dogecoin price prediction highlights the recovery phase of DOGE crypto over the daily time frame chart. However, the volume change is below average and needs to grow intraday. Meanwhile, DOGE crypto is trading below 20, 50, 100, and 200-day daily moving averages.

Dogecoin cryptocurrency is currently showing a robust upward trend that needs to be sustained. Nevertheless, caution is advised for sellers, as DOGE could potentially lose buyers as the day progresses. If DOGE can maintain its recovery momentum and continue attracting buyers, it has the potential to achieve significant recovery.

Dogecoin price has experienced a 2.49% decrease in the span of a week and a decline of 3.18% over the past month. Additionally, the DOGE crypto chart shows a 2.29% slip in the last three months and a drop of 17.64% over the last six months. Looking at the year-to-date performance, Dogecoin cryptocurrency has registered a decrease of 12.92%. These trends indicate that 2023 hasn’t been particularly favorable for DOGE crypto in terms of its performance.

Based on technical indicators, it appears that Dogecoin cryptocurrency is currently on an upward trend. Both the relative strength index (RSI) and the moving average convergence divergence (MACD) support the positive momentum of DOGE crypto.

The RSI, at 41, is gradually moving toward a neutral position. Meanwhile, the MACD line remains above the signal line, indicating an upward trend. Investors in Dogecoin cryptocurrency should exercise patience and wait for DOGE crypto to maintain its position at the primary resistance level.

Summary

Dogecoin price prediction highlights the consolidation phase of DOGE inside an interesting falling pattern over the daily chart. However, the volume change is below average and needs to grow intraday. If DOGE can maintain its recovery momentum and continues attracting buyers, it has the potential to achieve significant chart recovery. Based on technical indicators, it appears that Dogecoin cryptocurrency is currently on an uptrend.

Technical Levels

  • Support Levels: $0.06017 and $0.05990
  • Resistance Levels: $0.06195 and $0.06338
Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.

Nancy J. Allen
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