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- DOGE coin price is in a strong downtrend as seen on daily time frames.
- The DOGE coin price is forming a symmetrical triangle pattern on a daily time frame.
- The pair of DOGE/BTC is trading for a price of 0.00000345 with a decrease of -0.38% in the last 24 trading hours.
DOGE coin price, as per the price action, is forming a lower low from the supply zone and a higher high from the demand zone. The DOGE coin price is trading in a small range at the supply zone. The coin price is facing constant rejection from the upside as well as the downside zone which has resulted in the formation of the f symmetrical triangle pattern. At present, the DOGE coin price is trading at the upper band of the Bollinger band indicator after bouncing off the lower band. The coin price has given a breakout of 14 SMA and currently, it is trading above it. The DOGE coin price is trading below all the vital. Moving Average. Moving upwards the DOGE coin price can face rejection of the 50 and 100 Moving Average. This can push the price further down to the supply zone turned demand zone. As soon as the coin price gives a breakout of a symmetrical triangle pattern, it can be seen moving up rapidly. Volumes have increased causing the volatility to increase. Therefore investors should wait for a proper breakout and then act accordingly.
The DOGE coin price is forming a falling wedge pattern on an hourly time frame
Supertrend: DOGE coin price recently broke down an important demand zone of $0.070 with a strong bearish candlestick pattern. Since then the coin price is forming a lower low and lower high formation on an hourly time frame, this has resulted in the formation of a falling wedge pattern. As soon as the coin price breaks the red trendline acting as a strong supply zone, the DOGE coin price can be seen moving up rapidly. At present, the super trend sell signal line is acting as a strong supply zone. Once the coin breaks it with a strong bullish candlestick pattern super trend end indicator can be seen triggering a buy sign.
Moving Average Convergence Divergence: The DOGE coin price recently bounced off the demand zone which led to a positive crossover in the MACD indicator. The blue line crossed the orange line on the upside. Since then the coin price has been trading in a bullish trajectory. As soon as the coin price breaks out of the falling wedge pattern the gap between the MACD line can be seen widening, supporting the trend.
The DOGECOIN price is forming a symmetrical triangle on the daily time frame
Average Directional Movement Index: ADX curve has been dipping since the coin price started consolidating in a symmetrical triangle. It is a worrying sign as the ADX curve is losing strength despite the coin consolidating in a triangle. ADX curve dipped below the 25 levels. As of now the ADX curve has halted and turned sideways indicating a halt in the price movement and possible change in the price structure.
Relative Strength Index: RSI curve has been trading below the 50 mark level for quite a long. The DOGE COIN price is making lower low and lower high formations in the weekly time frame. As of, now the RSI curve is trading at 47.62. The RSI curve is yet to cross the halfway mark of 50. Although the coin price has crossed the 20 EMA, the SUSHI coin price must cross the halfway mark of 50.
CONCLUSION: The DOGE coin price is in consolidation as the price action suggests. The technical parameters suggest the same as the majority of them are not showing any movement. It remains to see which side of the DOGE coin gives a breakout.
SUPPORT: $0.05 and $0.054
RESISTANCE: $0.070 and $0.075
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
