Dog coin price prediction: With the cryptocurrency market becoming increasingly bearish, dog coin prices have shown a sideways consolidation trend over the past six weeks. However, during this consolidation period, prices actively recovered from the downward training and horizontal support level of $0
Dog coin price prediction: With the cryptocurrency market becoming increasingly bearish, dog coin prices have shown a sideways consolidation trend over the past six weeks. However, during this consolidation period, prices actively recovered from the downward training and horizontal support level of $0.793, indicating a downward triangular pattern. Here is how this bearish continuation pattern may affect the recent price of dog coins
Key points:
- The formation of lower highs within the triangular shape indicates a gradual increase in the downward trend.
- Breaking below the support level of $0.793 will complete a downward triangle pattern
- The 24-hour trading volume of Gougou Coin was $325.5 billion, an increase of 27%.
Dog coin price forecast: support level collapse at $0.793 will provide short selling opportunities
The price trend of dog coins in the last four weeks shows the formation of a decreasing triangle. The token price has repeatedly retested the resistance trend line and horizontal support of this model, indicating that traders are actively responding to the model and will respond similarly to its potential targets.
As of the time of publication, the trading price of Doge was $0.082 and continued to hover above the neckline support of $0.08. However, the area between this trend line and the neck line support is shortened enough to be considered as a no trade zone.
Under the influence of the triangular pattern, this memecoin is likely to break through the support level of $0.08. The daily candles closing below the neckline support will accelerate selling pressure and lower prices by 10.5% to $0.071, followed by a support level of $0.0663.
On the contrary, breaking through the downward trend line will undermine the bearish argument.
Technical indicators
RSI: The daily RSI slope moves below the middle line, indicating that market sentiment is favorable to the seller.
Bollinger Belt:The downward trajectory of the Bollinger Belt indicator moves along with the support level of $0.0793, highlighting the importance of the chart level.
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