Last week, the Dogecoin (DOGE) price failed to break out from the resistance trend line of a corrective pattern.

The weekly and daily time frames give conflicting readings, making determining the trend’s direction difficult.

Dogecoin Bounces at Previous Resistance

The technical analysis from the weekly time frame shows that the DOGE price had fallen under a descending resistance trend line since October 2022. The decrease led to a low in June 2023. Dogecoin has increased since.

After creating a higher low in October, the Dogecoin price accelerated its rate of increase and broke out from the resistance trend line the next month. The trend line had stood for 400 days before the breakout.

Dogecoin reached a new yearly high of $0.107 on December 11 before falling.

When evaluating market conditions, traders use the Go to Source to See Full Article
Author: Valdrin Tahiri

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