Published May 14, 2023
Dogecoin Price Analysis: The ongoing correction in Dogecoin price takes a major halt at the combined support of $0.071 and a lower trendline of the wedge pattern. In the daily chart, the candles show several lower price rejections at the aforementioned support indicating the sellers are struggling to follow the bearish path. These reversal signs hint the DOGE price is likely to witness a bullish upswing in the coming week which may open the path to a bullish recovery.
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Source-Tradingview
By the press time, the Dogecoin price traders at $0.0725 and continue to move sideways above the wedge pattern support trendline at $0.071 local support. Amid the ongoing uncertainty in the crypto market, this memecoin shows wavering price action trying to find support at this downsloping trendline.
If the bullish momentum rises, the coin price will surge 3-5% to challenge the overhead trendline. The wedges pattern currently governs the ongoing correction phase and this may extend the dogecoin lower until its intact.
However, in theory, this pattern is one of the famous bullish reversal patterns which encourages a significant rally upon the breakout of its resistance trendline. Thus, the Dogecoin price is poised to break the overhead trendline as a signal to uptrend resumption.
This breakout drives a potential rally to $0.082, $0.092, or $0.1045.
Relative Strength Index: Despite sideways price action, the 4-hour RSI slope rising indicates the underlying buying pressure in the Doge price is increasing. This bullish divergence increases the possibility of an upswing to the overhead trendline.
Exponential Moving Average: The 20-day EMA acts as a dynamic resistance against the rising Dogecoin price.
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