Dogecoin Price Analysis: The Dogecoin price is currently witnessing a bear cycle within the channel pattern of a daily time frame chart. From the peak of $0.105, the coin price tumbled nearly 31.2% over the last two days to reach the current price of $0.072. However, in response to the current volatility in the market, the falling DOGE price turned sideways resonating between the $0.075 to $0.0692 level. Here’s how this range breakout may influence this memecoin.
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Dogecoin Price Daily Chart
- A breakout from the daily range barriers will determine the potential trend of the near future.
- A breakdown below $0.0692 will encourage the continuation of the prevailing downtrend,
- The 24-hour trading volume in the Dogecoin coin is $156.5 Million, indicating a 1.5% gain.
By the press time, the Dogecoin price traded at $0.072, with an intraday gain of 0.98%. The multiple short-body candles within the aforementioned range indicate a lack of initiation from buyers to sellers.
In response to the downtrend within the range, the DOGE price is likely to break the range support of $0.062. A successful flip below this support will give sellers additional resistance to pressurize prices for lower levels.
The potential breakdown will likely plunge the price 18% down to hit the combined support of $0.057 and lower the support trendline of the channel.
Conversely, if the prices break above the range resistance of $0.075, Dogecoin may witness a sharp jump to $0.082.
Will Dogecoin Price Hit $0.056?
A bear cycle within the channel pattern usually pushes the prices back to the lower trendline channel pattern. Thus, the ongoing consolidation is more likely to end in the sellers’ favor with a $0.062 breakdown. Losing the support will accelerate the selling pressure and plunge the price to $0.0628, followed by $0.057.
- Relative Strength Index: Despite a sideways price action, the notable growth in the daily RSI slope indicates the increasing buying pressure amid the ongoing consolidation.
- Supertrend: The red film project the current trend in Dogecoin price remains bearish
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