Dogecoin Price Analysis Guide For The Coming Week

Amid the new year recovery in the crypto market, the Dogecoin price shows the formation of a rising channel pattern. This pattern consists of two ascending trendlines directing which is sustained currently in an asset. However, with the recent sell-off in the market, the DOGE price lost the pattern’s support indicating a significant downfall in the coming days.

Key Points:

• A bearish breakdown from the channel pattern’s support trendline set Dogecoin price for a 15.55% drop
• An upside breakout from $0.88 resistance will weaken the bearish thesis.
• The 24-hour trading volume in the Dogecoin coin is $383.2 Billion, indicating a 3.5% gain.

Source-Tradingview

On February 9th, the Dogecoin price gave a massive breakdown from the channel pattern’s support trendline. This breakdown is a sign of trend reversal as the market sentiment must be flipping from buying on the dips to selling on rallies.

However, the coin price recently rebounded from the $0.079 support and initiated a minor retest phase before the potential downfall began. In the last three days, the coin price gained 6.4% from the $0.079 support, which pushed the price to the current price of $0.084.

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This retest phase will validate whether the price can sustain the ongoing correction or not. With sustained buying, the Doge price will revisit the $0.88 mark as potential resistance. If the price shows sustainability below this resistance, the price is likely to witness further downfall.

The prolonged correction may tumble the Dogecoin price 15.5% down to $0.071. 

Technical indicator

RSI: The Relative Strength Index is a momentum oscillator that measures the strength of an asset’s price action. Thus, the daily RSI slope nosedived below the midline indicates growth in the underlying bearishness of the coin.

EMAs: the crucial daily EMAs(20, 50, 100, 200) accumulation between Dogecoin’s current price and $0.088 indicates a price with the least resistance or an easy path going downward.

Dogecoin Price Intraday Levels

• Spot rate: $0.083
• Trend: Bullish
• Volatility: Medium 
• Resistance levels- $0.0887 and $0.1
• Support levels- $0.079 and $0.071