DOGE Technical Analysis: Dogecoin Sellers Ready To Overtake Trend

The DOGE price shows a trendline breakout rally exceeding the 50-day SMA and challenging the $0.40 mark. Will buyers drive the prices to $0.50? Key Technical Points: The DOGE prices were down by 2.46% in the last 24 hours. The price action the trendline breakout rally ready to reach the $0.40 mark. The 24-hour trading volume of Dogecoin is $499 million, indicating a drop of 30%. Past Performance of DOGE As mentioned in our previous analysis, the DOGE prices from the support trendline of the symmetrical triangle give a bullish breakout. The breakout rally reaches $0.075 but takes a bearish toll due to the higher price rejection leading to a long wick daily candle. However, after a post-retest reversal, the prices took another bullish turnaround but failed once again to surpass $0.075, leading to a double top pattern. Moreover, the higher price rejection candles reflect an increase in selling pressure that may shortly lead downfall to $0.063. Source – Tradingview DOGE Technical Analysis The DOGE prices can take bullish support at $0.063 to lead a sideways trend and avoid further downtrend continuation. However, traders need to keep an eye on the intraday trading volume despite an increase in buying pressure which is necessary to prevent a downtrend. As the sellers at $0.075 push the dogecoin prices below the 50-day SMA at $0.065 prepares to provide bullish support. The daily RSI slope maintains a sideways trend near the halfway ...