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Brian Bollinger The Dogecoin price has shown a rising channel pattern amid the recovery in crypto markets. This pattern is composed of two ascending trendlines that are directing the 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.advertisementKey Points:A bearish breakdown from the channel pattern’s support trendline set Dogecoin price for a 15.55% drop
A breakout of $0.88 resistance could weaken the bearish thesis.
The Dogecoin coin’s 24-hour trading volume is $383.2 Billion. This indicates a 3.5% gain.
Source-TradingviewOn February 9th the Dogecoin price broke away from the channel pattern support trendline. This is a sign that the market sentiment is shifting from buying on dips to selling during rallies. Trending StoriesBut, the coin price has recently rebounded from $0.079 support and initiated an initial retest phase before the possible downfall. The coin price rose 6.4% over the $0.079 support in the last three days to $0.084. The retest phase will confirm whether the price can sustain the ongoing correction. The $0.88 mark will be a potential resistance if the price continues to rise. If the price does not show sustainability below this resistance, it is likely that the price will continue to fall to $0.071. Technical indicatorRSI (technical indicatorRSI): The Relative Strength Index measures the strength and volatility of an asset’s price action. Thus, the daily RSI slope nosedived below the midline indicates growth in the underlying bearishness of the coin.advertisementEMAs: 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 LevelsSpot rate: $0.083
Trend: Bullish
Medium Volatility
Resistance levels: $0.0887 and 0.1
Support levels: $0.079 and $0.071
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The content presented may contain the author’s personal opinion and is subject to market conditions. Before investing in cryptocurrency, do your market research. Close Story