Dogecoin

Memecoin

Shiba Inu

Reversal

Dogecoin price has seen a bullish recovery this month, increasing its market cap by 12.2% to reach $24.5 billion. The price of <a href="https://coingape.com/blog/doge-vs-pepe-which-meme-coin-will-reign-supreme/" rel="noopener noreferrer nofollow">DOGE</a> has now surpassed a key psychological level of $0.16 and is challenging a bearish confluence. The daily chart reveals a rising wedge pattern, characterized by two converging ascending trendlines. This pattern is typically indicative of a potential bearish reversal. Will the <a href="https://coingape.com/trending/4-meme-coins-to-buy-before-may-ends/" rel="noopener noreferrer nofollow">meme coin</a> surpass $0.20 this month, or will it crack under the support trendline?
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<h2 id="b-dogecoin-s-wedge-pattern-signals-caution-amid-shifting-market-dynamics-b">Dogecoin’s Wedge Pattern Signals Caution Amid Shifting Market Dynamics</h2>
<img decoding="async" src="https://s3.tradingview.com/snapshots/n/NMnKscVy.png" alt="BINANCE:DOGEUSDT Chart Image by sahilmahadik07">
Currently, <a href="https://coingape.com/trending/dogecoin-dog-kabosu-farewell-date-time/" rel="noopener noreferrer nofollow">Dogecoin</a> is in a positive phase within the rising wedge pattern, displaying increased momentum that is testing the upper resistance trendline at $0.173. Despite the bullish indicators, the overall sentiment surrounding the rising wedge pattern remains bearish.
<blockquote>
 The intraday trading shows higher price rejection, suggesting an increase in overhead supply, which aligns with the bearish outlook of the pattern and hints at a possible price drop. Moreover, the Verified Author on CryptoQuant, Joao Wedson has pointed out a notable shift in the memecoin market dynamics, with Dogecoin’s trade volume dominance falling to just 3.15%.&nbsp;
</blockquote>
<blockquote class="twitter-tweet">
 <a rel="noopener noreferrer nofollow" href="https://twitter.com/search?q=%24Doge&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$Doge</a> is fading in comparison to the leading Memecoins in the market. Its dominance in trade volume is only 3.15%, while <a rel="noopener noreferrer nofollow" href="https://twitter.com/search?q=%24Floki&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$Floki</a> dominates with over 40% of all Memecoin trades.<a rel="noopener noreferrer nofollow" href="https://twitter.com/DominandoCripto?ref_src=twsrc%5Etfw">@DominandoCripto</a> <a rel="noopener noreferrer nofollow" href="https://t.co/evMjQKvqyL">pic.twitter.com/evMjQKvqyL</a>
 — Joao Wedson (@joao_wedson) <a rel="noopener noreferrer nofollow" href="https://twitter.com/joao_wedson/status/1794099043410346370?ref_src=twsrc%5Etfw">May 24, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Meanwhile, Floki has emerged as a dominant player, capturing over 40% of all memecoin trades, reflecting a shift in investor preferences within this volatile segment.
A breakdown of the support trendline could negate any potential rallies and might lead the price to test the $0.14 level, potentially putting downward pressure on the <a href="https://coingape.com/price-predictions/dogecoin-doge-pricec-prediction/" rel="noopener noreferrer nofollow">Dogecoin price</a>, and pushing it toward the $0.10 mark as supply pressure increases.
<h2 id="b-technical-indicator-b">Technical Indicator</h2>
<ul>
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average: The recently reclaimed 20-and-50-day EMA can offer suitable support for buyers to maintain a bullish recovery.</li>
 <li style="font-weight: 400;" aria-level="1">Relative Strength Index: A steady rise in the daily <a href="https://coingape.com/glossary/rsi-relative-strength-index/" rel="noopener noreferrer nofollow">RSI</a> slope above to 60% mark indicates the current momentum shows a reversal sign yet.</li>
</ul>
The post <a href="https://coingape.com/markets/why-dogecoin-price-under-0-15-insights-reversal-pattern/" rel="noopener noreferrer nofollow">Why Dogecoin Price Might Slip Under $0.15: Insights from Bearish Reversal Pattern</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Why Dogecoin Price Might Slip Under $0.15: Insights from Bearish Reversal Pattern

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