Analytics

DOGE Technical Analysis: Buyers Line-Up Teasing a Wedge Pattern Breakout: Is This the Best Time to Buy?

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The DOGE coin price experiences a sudden jump in buying pressure and aims to break above the long coming resistance trendline. 

Dogecoin is an adaptation of the popular «doge» Internet meme and has an image of a Shiba Inu on its logo. The digital currency that is open source was invented by Billy Markus from Portland, Oregon, and Jackson Palmer from Sydney, Australia, and was developed from Litecoin in December 2013.

Dogecoin is different from Bitcoin’s Proof-of-Work protocol in a variety of ways. One of these is that it uses Scrypt technology. It also has an average block time of one minute, and the total supply is unlimited.

Let us move ahead to read about Dogecoin technical analysis.

Past Performance of DOGE

DOGE coin price shows a growth of more than 15% in the past three days from the descending support trendline. The price action forms a triple white soldier pattern teasing a post-breakout bull run. Currently, the price rests near the resistance trendline of the wedge pattern, and the breakout will trigger an excellent buying opportunity.

DOGE/USD Daily Chart

DOGE Technical Analysis

The DOGE coin price action shows a reversal in the long-coming downtrend. Moreover, the price highly influential bearish trendline weakens over time, increasing the chances of a bullish breakout. 

The crucial EMAs (50, 100, and 200) maintain a falling trend in the daily chart. These EMAs can act as dynamic resistance levels, and the breakout of each will generate an entry spot.

The RSI indicator at 48% spikes higher from the oversold zone to touch the central mark in the daily chart. The 14-days SMA shows a trend reversal after the recent crossover. 

The MACD indicator shows a bullish divergence in the last two dips at the support trendline. The MACD and signal lines give a bullish crossover slightly below the zero line. 

In a nutshell, the DOGE price action and the technical indicators showcase a high possibility of a breakout-backed bullish rally. Therefore, safe traders can shortly find breakout entry to avoid the risk of reversal.

Upcoming Trend

The increasing buying pressure and the bullish price action increase the possibility of a trend reversal in the DOGE coin. The breakout of the falling wedge can reach $0.30 if the buying pressure sustains, resulting in an 80% price jump.

The price action indicates resistance levels at $0.24 and $0.30 after the primary resistance at $0.20. The support levels are at $0.15 and $0.12 which can halt the reversal from the trendline.

   
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