The Dogecoin (DOGE) price has fallen since December 11, 2023, culminating with a new low today.

Despite the decrease, the Dogecoin price has created a short-term bullish pattern. Will this lead to a reversal?

Dogecoin Bounces After Sharp Decrease

The technical analysis from the daily time frame shows that the DOGE price broke out from an ascending parallel channel on November 6, 2023. The breakout led to a high of $0.108 on December 11.

The DOGE price has fallen since, culminating with a low of $0.074 today. The low was important since it created a lower wick (green icon), validating the 0.618 Fib retracement support level and the resistance trend line of the ascending channel.

Despite the bounce, the daily Relative Strength Index (RSI) shows no positive signs. Market traders use the RSI

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Author: Valdrin Tahiri

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