DOGE: Descending Triangle
DogeCoin (DOGE) technical analysis:
Trade setup: Trading in a Descending Triangle. Wait for a breakout. Price is nearing a pinnacle of the wedge, hence a breakout in either direction is imminent.
Pattern: Price is trading in a Descending Triangle pattern. Typically, a breakout will occur in the direction of the existing trend. Most traders will take a position once the price action breaks through the bottom line of the triangle with increased volume, which is when the price should decline an amount equivalent to the widest section of the triangle.
Trend: Downtrend on Short- and Medium-Term basis and Uptrend on Long-Term basis.
Momentum is Bearish (MACD Line is below MACD Signal Line, and RSI is below 45).
Support and Resistance: Nearest Support Zone is $0.075, which it broke, then $0.055. The nearest Resistance Zone is $0.090, then $0.150.
Trade setup: Trading in a Descending Triangle. Wait for a breakout. Price is nearing a pinnacle of the wedge, hence a breakout in either direction is imminent.
Pattern: Price is trading in a Descending Triangle pattern. Typically, a breakout will occur in the direction of the existing trend. Most traders will take a position once the price action breaks through the bottom line of the triangle with increased volume, which is when the price should decline an amount equivalent to the widest section of the triangle.
Trend: Downtrend on Short- and Medium-Term basis and Uptrend on Long-Term basis.
Momentum is Bearish (MACD Line is below MACD Signal Line, and RSI is below 45).
Support and Resistance: Nearest Support Zone is $0.075, which it broke, then $0.055. The nearest Resistance Zone is $0.090, then $0.150.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.