Dogecoin / TetherUSShort
Doge Could Break Out Towards the Downside Soon
A symmetrical triangle pattern seen on DOGE's daily chart indicates a potential breakout in the coming days. However, the coin's recent failure to breach the $0.07195 resistance level and several technical indicators on the chart suggest that DOGE's price might experience a significant downward movement in the short term.
In recent days, the daily Relative Strength Index (RSI) has dipped below the RSI Simple Moving Average (SMA) line, indicating a weakening of buying momentum on DOGE's daily chart. Additionally, the daily Moving Average Convergence Divergence (MACD) line is approaching the MACD Signal line, hinting at the possibility of a continuation of DOGE's bearish trend. It is conceivable that DOGE's price could drop as low as $0.06450 before potentially extending its decline to the next support level at $0.05835.
In recent days, the daily Relative Strength Index (RSI) has dipped below the RSI Simple Moving Average (SMA) line, indicating a weakening of buying momentum on DOGE's daily chart. Additionally, the daily Moving Average Convergence Divergence (MACD) line is approaching the MACD Signal line, hinting at the possibility of a continuation of DOGE's bearish trend. It is conceivable that DOGE's price could drop as low as $0.06450 before potentially extending its decline to the next support level at $0.05835.
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.