Zen, a top market analyst, highlighted potential scenarios for Dogecoin’s (DOGE) price action amidst current market trends. He noted that if DOGE doesn’t break out, it could fall back to the bottom of the consolidation range. altFINs platform’s analysis reveals mixed trends, with a bearish breakout from a Rising Wedge pattern.
Zen tweeted, “If $DOGE won’t breakout from here, will come back to the bottom of the consolidation range. Or at least hunt stops under last swing.” This insight suggests that Dogecoin’s price trajectory could either see a breakout or a fallback. Zen has potential targets set at $0.133, $0.138, $0.142, and $0.152.
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Dogecoin (DOGE) Price Analysis and Market Trends
An analysis from altFINs platform provides a detailed view of Dogecoin’s market trends. The platform’s analysis states that Dogecoin’s trends are mixed, with a bearish breakout from a Rising Wedge pattern.
Moreover, the price broke below the $0.126 support level and the 200-day moving average. This breach puts the uptrend in the long term at risk. To resume its uptrend, Dogecoin needs to regain the critical $0.126 level, potentially aiming for an upside to $0.17.
The analysis also highlights a bullish inflection in momentum, as indicated by the rising MACD histogram.
The pattern identified is a support breakout, which signals that sellers have overwhelmed buyers at the current support level, likely leading to further price declines. Following such a breakout, the next closest support zone becomes the new price target.
Additionally, the short-term trend for Dogecoin is down, the medium-term trend is strong down, and the long-term trend remains neutral. Despite this, Dogecoin’s price is neither overbought nor oversold, based on the RSI-14 levels.
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Support and Resistance Levels
Dogecoin’s nearest support zone is at $0.126, followed by a lower support at $0.11. On the upside, the nearest resistance zones are at $0.17 and $0.21. The price needs to break above these resistance levels to confirm a sustained uptrend. Analysts suggest setting price alerts to monitor these critical levels for potential trading opportunities.
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