The Dogecoin has shown significant strength in the past few days, trading above the bearish area. The bulls are striving to maintain a stable upward momentum, but their strength seems to have weakened, so a significant bearish reversal may be imminent
The Dogecoin has shown significant strength in the past few days, trading above the bearish area. The bulls are striving to maintain a stable upward momentum, but their strength seems to have weakened, so a significant bearish reversal may be imminent. However, it is believed that the DOGE price is still higher than the bearish region and testing the upper limit target for the remaining period of 2023.
With recent increases, prices are currently testing a significant resistance level of $0.069. This level can be considered important because the DOGE price broke through the dynamic daily resistance, which indicates that market sentiment may change. Buyers are slowly accumulating strength, pushing up prices and overcoming previous obstacles.
There is now an increase in buying pressure, and there is a possibility of further upward movement.
As shown in the above figure, the price of DOGE has formed a double bottom pattern, characterized by two consecutive low points roughly equal or a peak in the middle. These patterns typically appear when a rebound attempts to reverse a bullish trend, indicating that the downward trend may soon end and trigger a new upward trend.
Therefore, if the price of Dogecoin breaks through the double bottom pattern and retests the resistance level that broke earlier as a new support level, it may open a favorable opportunity for long positions. The price trend and technical aspects indicate that bulls are gaining control and may push up the price of DOGE in the coming days.
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