The DOGE coin is currently under a short-term sideways trend. For the last four months, the price has been resonating in a range, and now with the recent price fall, it is back to the bottom support of $2. A positive news for the crypto investors to rally ahead is the Binance resuming the DOGE coin withdrawn/deposits.
Key technical points:
- The DOGE coin resonating in a definite range
- The DOGE price gave a breakout from the falling wedge pattern in the 4-hour time frame chart
- The intraday trading volume of the DOGE coin is $1.89 Billion, indicating a 0.69% gain.
Source- DOGE/USD chart by Tradingview
The DOGE coin price displayed an impressive recovery in October, where the price rallied from $0.196 to the 0.34 mark. However, with the same enthusiasm, the coin indicated a bearish reversal which plunged the coin price back to the bottom support.
The DOGE price entered within this price range due to the sudden fall of June. However, even after four months, the coin is resonating between these definite levels, indicating a consolidation phase in this coin.
Due to the sideways trend in the price, the crucial EMAs(20, 50, 100, and 200) are drawn too close together, making it challenging to identify a correction signal. Therefore, the crypto traders can use the 50 and 200 EMA in their chart to find the primary trend, which in our case is bearish.
The Relative Strength Index(41) indicates a bearish sentiment within the DOGE coin.
DOGE/USD Chart In The 4-hour Time Frame
Source- DOGE/USD chart by Tradingview
The falling DOGE price revealed an excellent opportunity for crypto traders by forming a falling wedge pattern in the 4-hour time frame chart. On November 29th, the price has a breakout from this overhead resistance trendline indicating more confirmation for a rally.
If the price manages to sustain this breakout, the coin traders can consider a long opportunity for them using proper risk management.
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