The Dogecoin (DOGE) price increased significantly on January 20 but fell sharply the next day.

DOGE trades inside the support area of a bearish pattern in place for nearly two months. Can it reverse its trend with a bounce, or will Dogecoin break down?

Dogecoin Suffers Rejection

The technical analysis of the daily time frame shows that the DOGE price has traded inside an ascending parallel channel since June 2023. 

In December, the price broke out from the channel, culminating with a high of $0.108. However, Dogecoin dropped afterward, decreasing inside the channel’s confines on January 3, 2024. 

Since then, it made two unsuccessful breakout attempts (red icons), leaving upper wicks in place. The second rejection occurred shortly after Elon Musk introduced an “X Payments” account on its platform.

The daily Relative Strength Index (RSI) gives a bearish reading. The Go to Source to See Full Article
Author: Valdrin Tahiri

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