Dogecoin, the popular cryptocurrency, has recently showcased a promising bullish breakout according to a technical analysis from altFINS. This development has caught the attention of many in the crypto community, signaling a potential shift in market dynamics.
The Falling Wedge Pattern
One of the most talked-about patterns observed in Dogecoin’s price movement is the Falling Wedge. This pattern is typically associated with a bullish breakout. When the price surpasses the upper trend line, it’s generally expected to trend upwards. While some traders might take advantage of emerging patterns before a breakout, the majority tend to wait for a completed pattern followed by a breakout before placing a BUY order.
In Dogecoin’s case, the breakout was further confirmed when its price not only surpassed the $0.07 resistance but also went above the 200-day moving average, reaching $0.08. These levels are currently being retested, leading many to speculate that the price might soon approach the $0.10 resistance.
When it comes to Dogecoin’s trend, it’s observed to be on an uptrend on a medium-term basis. However, opinions are divided when looking at short- and long-term perspectives, with many deeming it neutral.
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Show more +The momentum surrounding Dogecoin is currently mixed. While the MACD Line being below the MACD Signal Line indicates a bearish sentiment, the RSI hovering around 50 paints a neutral picture. These mixed signals have left a part of the community in anticipation, while others remain cautiously optimistic.
For those closely monitoring Dogecoin’s price, the nearest support zone is pegged at $0.070, which was a previous resistance. Following that, the next support is expected at $0.055. On the flip side, the resistance zones to watch out for are $0.010 and then $0.110.
Dogecoin is trading at a price of $0.070134 and experienced a decline in the last 24 hours, with a trading volume of $572,759,614.15. This represents a 5.57% price drop in the last day and a 6.97% decrease over the past week.
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