The Dogecoin (DOGE) price bounced this week, validating a descending resistance trend line from which it previously broke out.

Despite the bounce, DOGE still trades inside the confines of another long-term corrective pattern, but it attempts to break out.

Dogecoin Retests Resistance After Breakout

The weekly time frame technical analysis shows that the DOGE price has increased swiftly since October 2023. The price broke out from a descending resistance trend line in November. At the time, the trend line has been in place for 400 days.

After breaking out, DOGE reached a new yearly high of $0.107 in December. However, it has fallen since, creating four successive bearish weekly candlesticks.

The decrease temporarily ended with this week’s Dogecoin price bounce, validating a horizontal resistance area and the descending trend line.

The weekly Relative Strength Index (RSI) supports the bounce.

The
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Author: Valdrin Tahiri

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