DOGECOIN PRICE ANALYSIS CMP-$0.061: Is DOGE signaling a big move?

DOGE price consolidates in intriguing pattern on daily chart

Dogecoin is currently in a consolidation phase within a descending pattern as observed on the daily chart. DOGE maintains crucial support at $0.0595 against the US Dollar. A potential uptrend may emerge with a break above $0.062 and $0.0635.

On The Daily Chart:

Dogecoin (DOGE) is currently in a consolidation phase, forming a descending triangle pattern on the daily chart. Although buyers are attempting to push the price higher towards the upper trendline of this pattern, DOGE recently experienced a decline from the $0.07745 level and remains trapped within this triangle. The recovery phase is visible, but trading volume needs to increase for sustained momentum. It's worth noting that DOGE is currently trading below key daily moving averages (20, 50, 100, and 200-day). If DOGE can maintain its recovery and attract more buyers, there is potential for a significant chart rebound.

On The 4-Hour Chart:

Dogecoin is currently stuck in a descending triangle pattern on the 4-hour chart, struggling to breach the $0.0635 resistance. It recently slipped below $0.0612 and briefly touched $0.060, hitting a low at $0.0593. Presently, DOGE is in a correction phase, mirroring the trends of Bitcoin and Ethereum. It did manage to climb above $0.0602, surpassing the 23.6% Fibonacci retracement level, but it's still trading below $0.0615 and the 100 simple moving average on the 4-hour chart. Moreover, a significant bearish trend line is emerging with resistance around $0.06150. Dogecoin investors should be patient and wait for confirmation of a breakthrough above the primary resistance level.

Based on Coingabbar Price Analysis, DOGE market capitalization is expected to be $8,603,239,171. The coin's 24-hour trading volume is around $183,704,954.

KEY LEVELS :

RESISTANCE LEVEL : $0.06350-$0.06750

SUPPORT LEVEL : $0.05900-$0.05500

Will Dogecoin (DOGE) experience another surge or decline? Can it overcome its bearish momentum? Is DOGE's recent price surge indicative of an upcoming significant move? Will Dogecoin's price register a breakout? Is there support for dips in DOGE? Please share your thoughts in the comments below.

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.