Is it Advisable to Buy Today as Bullish Setup Propels DOGE Price for 32% Rally?
Dogecoin’s daily time frame chart shows a descending wedge pattern that is squeezing price action for an imminent breakout. This pattern increases the possibility of an upside breakout, presenting an entry opportunity to interested buyers. However, the ongoing correction in Dogecoin’s price will continue until the wedge pattern is intact. A bearish crossover between the 20-and-50-day could encourage a longer correction. The 24-hour trading volume in the Dogecoin coin is $323.5 million, indicating a 30% gain. Traders are respecting this bullish setup and following its potential target, with the price rising 6% to hit the above trendline. Interested traders waiting for an entry opportunity should wait for a breakout above the trend line with a daily candle closing above. A potential breakout may signal a recovery and set the DOGE price to rise by 33% to hit the $0.104 mark. A breakdown below the support trendline could accelerate the selling pressure. The daily RSI slope is reflecting negative market sentiment, with flatish EMAs (20, 50, 100, and 200) reflecting a sideways trend in Dogecoin price. The spot rate is currently at $0.078, with resistance and support levels at $0.094 and $0.104 and $0.078 and $0.0706, respectively. Readers are advised to conduct their own market research before investing in cryptocurrencies as the content presented may include the personal opinion of the author and is subject to market condition.