The DOGE price faces the possibility of a breakdown from a descending triangle pattern that has been developing over the long term. Such a breakdown could result in a 50% decrease in price.
However, when we shift our focus to the daily timeframe, more optimistic indicators suggest the potential for a reversal in the current bearish trend.
Dogecoin DOGE Price Risks Breakdown From Long-Term Pattern
The weekly technical analysis of DOGE’s price movement reveals that the price has remained slightly above the $0.059 support level since June 2022. This support level has been confirmed multiple times, making it quite significant.
Notably, the most recent confirmations (green icons) showed long lower wicks, which suggest increased buying activity.
However, despite these positive signs, DOGE has been under pressure due to a descending resistance trendline that has been in place since November 2022. When combined with the $0.059 support, it forms a descending triangle pattern, typically seen as bearish.
During this period, DOGE has established several lower highs, indicating a loss of its upward momentum. The DOGE price has almost returned to the $0.059 level, erasing the gains from its recent bounce.
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Author: Valdrin Tahiri
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