The Dogecoin (DOGE) price has decreased since July 25. On October 9, it broke down from a horizontal support area.
Despite the breakdown, the price did not decrease significantly. On the contrary, it began an upward movement four days later.
Will Dogecoin Reclaim Critical Level?
The daily timeframe technical analysis for DOGE shows that the price has traded above the $0.060 horizontal support area since June.
During this time, the DOGE price has also followed a descending resistance trendline. When combined, these create a descending triangle, considered a bearish pattern.
On October 9, the Dogecoin price broke down below the support level. However, the breakdown was short-lived since the price reversed the trend shortly afterward.
DOGE currently trades inside the $0.060 horizontal area and the descending resistance trendline. Until now, the line has been in place for 85 days.
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Author: Valdrin Tahiri
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