Dogecoin

Dogecoin (DOGE) has maintained its position near the $0.077 horizontal support level since the year began. Analysis of both daily and six-hour time frames, along with RSI readings, suggests a potential downtrend in DOGE’s price. Nevertheless, breaching the resistance trendline might trigger a rebound, defying bearish expectations.<img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/01/Add-a-heading-2.gif?fit&#61;1590%2C200&amp;ssl&#61;1" />Cryptos Headlines Platform Has Launched Its Native Token&#39;s Airdrop for the Public <a href="https://docs.google.com/forms/d/e/1FAIpQLSdcZ8FFeiEQ5LdbD5GCT-E4w0cMLn-Wt6FbIxq4IbSsWDu2SQ/viewform" rel="noopener noreferrer nofollow">Join Airdrop Now</a>DOGE price is currently trading within a long-term corrective pattern and a short-term bearish trend. It has revisited a horizontal support zone established since the beginning of the year. The critical question remains: will it bounce off this support level or break down?<h3 id="dogecoin-doge-technical-analysis">Dogecoin (DOGE) Technical Analysis</h3>The daily time frame <a href="https://cryptosheadlines.com/doge-price-analysis-whats-next/" rel="noopener noreferrer nofollow">analysis reveals a downward trajectory in DOGE’s price</a> since its peak at $0.107 on December 11, 2023. This decline occurred within the confines of an ascending parallel channel that had been in place since June 2023.Although Dogecoin experienced a rebound at the midline of this pattern, it faced rejection twice at the resistance <a href="https://cryptosheadlines.com/dogecoin-doge-clears-900-day-trend-line-challenges-ahead/" rel="noopener noreferrer nofollow">trend line</a>, marked by red icons on January 11 and 21, 2024, respectively. Currently, DOGE is trading near the midline of the channel.<img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/02/cryptosheadlines013.webp?resize&#61;640%2C286&amp;ssl&#61;1" />DOGE/USDT Daily Chart. Source: <a href="https://www.tradingview.com/symbols/DOGEUSDT/?exchange&#61;BINANCE" rel="noopener noreferrer nofollow">TradingView</a>In terms of momentum, the daily Relative Strength Index (RSI) provides a bearish indication. The RSI, a key <a href="https://cryptosheadlines.com/solanas-sol-price-gains-momentum-indicating-a-surge-to-38/" rel="noopener noreferrer nofollow">momentum indicator</a> used by traders to assess market conditions, suggests whether an asset is overbought or oversold, informing decisions to buy or sell.Cryptos Headlines Platform Has Launched Its Native Token&#39;s Airdrop for the Public <a href="https://docs.google.com/forms/d/e/1FAIpQLSdcZ8FFeiEQ5LdbD5GCT-E4w0cMLn-Wt6FbIxq4IbSsWDu2SQ/viewform" rel="noopener noreferrer nofollow">Join Airdrop Now</a><img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/01/Add-a-heading-2.gif?fit&#61;1590%2C200&amp;ssl&#61;1" />With readings above 50 and an upward <a href="https://cryptosheadlines.com/thorchain-rune-exhibits-recovery-indications-amid-bearish-market-trend/" rel="noopener noreferrer nofollow">trend indicating a bullish market</a> sentiment, readings below 50 signal the opposite. Presently, the RSI sits below 50 (highlighted by a red circle), indicative of a bearish trend in DOGE’s price.<a href="https://cryptosheadlines.com/ripple-co-founder-hold-xrp-avoid-selling-below-10000/" rel="noopener noreferrer nofollow">Also Read: Ripple Co-Founder: Hold XRP; Avoid Selling Below $10000</a><h3 id="dogecoin-doge-six-hour-time-frame-analysis">Dogecoin (DOGE) Six-Hour Time Frame Analysis</h3>On the six-hour time frame, Dogecoin (DOGE) has been tracking beneath a descending resistance trend line since December 2023. This trend line, coupled with the $0.077 horizontal support level, has formed a descending triangle pattern, typically considered bearish.Cryptos Headlines Platform Has Launched Its Native Token&#39;s Airdrop for the Public <a href="https://docs.google.com/forms/d/e/1FAIpQLSdcZ8FFeiEQ5LdbD5GCT-E4w0cMLn-Wt6FbIxq4IbSsWDu2SQ/viewform" rel="noopener noreferrer nofollow">Join Airdrop Now</a><img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/01/Add-a-heading-2.gif?fit&#61;1590%2C200&amp;ssl&#61;1" />Currently, <a href="https://cryptosheadlines.com/elon-musk-continues-dogecoin-support-doges-future/" rel="noopener noreferrer nofollow">DOGE hovers just above this crucial support</a> area, while the Relative Strength Index (RSI) has dipped below the 50 mark (indicated by a red circle). A breakdown below this support level could <a href="https://cryptosheadlines.com/a-leading-cryptocurrency-exchange-is-currently-being-investigated-posing-a-potential-challenge-for-the-crypto-market/" rel="noopener noreferrer nofollow">potentially lead</a> to a significant 27% decline, targeting the nearest support at $0.057.<img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/02/cryptosheadlines014.webp?resize&#61;640%2C333&amp;ssl&#61;1" />DOGE/USDT Six-Hour Chart. Source: <a href="https://www.tradingview.com/symbols/DOGEUSDT/?exchange&#61;BINANCE" rel="noopener noreferrer nofollow">TradingView</a>However, despite the <a href="https://cryptosheadlines.com/bnbs-resistance-struggle-analysts-bearish-outlook-amid-market-challenges/" rel="noopener noreferrer nofollow">bearish outlook</a>, a robust rebound from the $0.077 support zone could catalyze a breakout from the resistance trend line. This breakout scenario could prompt a 12% upswing, aiming for the next resistance level at $0.087.Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

DOGE Price: Horizontal Support Battle

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