The Dogecoin (DOGE) price is trading between critical horizontal resistance and support levels. Whether it breaks out or down will be crucial in the direction of the future trend.
Readings in both the weekly and daily time frame are inconclusive, failing to confirm which way the price will move next.
Dogecoin Price Consolidates Between Key Diagonal and Horizontal Levels
According to the technical analysis of the weekly time frame, it is observed that the price of DOGE has dropped below a descending resistance line after reaching its all-time high price of $0.739 in May 2021. This decline led to a low of $0.049 in June 2022.
Afterward, the DOGE price rebounded (green icon) and has been trading above the $0.060 horizontal support area. However, it has not yet managed to break out of the long-term descending resistance line, which has been in place for 798 days.
More recently, the DOGE price was rejected by the line last week (red icon). The price now trades very close to the convergence of the horizontal support area and the descending resistance line. So, a decisive movement is expected soon.
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Author: Valdrin Tahiri
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