Possible Conclusion of Correction: Dogecoin (DOGE) Price

Dogecoin (DOGE) is showing short-term bullish signs as the price consolidates above an important support area, despite the daily RSI being below 50 and decreasing. Since June 2022, the DOGE price has decreased inside a symmetrical triangle that has caused numerous rejections, but both a breakout and breakdown are still possible as the pattern is considered neutral. There have been no reported news or tweets from the Dogecoin community or Elon Musk that could influence the token’s price movement. Short-term technical analysis shows a completed 5-wave upward movement followed by an A-B-C corrective structure, with the current low of $0.072 being close to giving waves A:C a 1:1 ratio. A bullish divergence on the six-hour RSI supports the possibility of a bounce in the next 24 hours, leading to a potential increase in DOGE price towards the descending resistance line in place since January. A breakout could lead to an upward movement towards $0.092, while a rejection could lead to another test of the $0.074 support area. A breakdown below $0.074 could cause a fall to $0.065. The most likely DOGE price forecast is a bounce towards the current descending resistance line, but cryptocurrencies are highly volatile financial assets, and any information should be used at the reader’s own risk.

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About The Author

Niels I have been passionate about dogecoin since 2019, and have since become an avid follower and advocate of the cryptocurrency. I keep a close eye on the Dogecoin market and trends, and I'm always up-to-date with the latest news and developments. As a true believer in the potential of dogecoin, I am excited to be a part of the growing community and I'm eager to share my knowledge and experience with others. When not busy with dogecoin, I enjoy golf, and I can often be found on the golf course.

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