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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