Convergence

Better

Dogecoin

Shiba Inu

DOGE, the largest meme cryptocurrency by market cap, has witnessed a notable downturn this week amid Bitcoin’s post-halving correction. The <a href="https://coingape.com/dogecoin-insider-warns-against-ip-claims-by-memecoins/">Dogecoin</a> falling for five consecutive days tumbled, the price from $0.164 high to $0.146 registering an 11.17% loss. However, the asset price currently retesting crucial monthly support of the triangle pattern indicates a possibility of reversal. 
Also Read: <a href="https://coingape.com/shiba-inu-or-dogecoin-which-is-better-likely-to-outperform-this-year/">Shiba Inu or Dogecoin: Which Is Better &amp; Likely to Outperform This Year</a> 
<h2 id="will-support-at-0-145-usher-in-a-new-rally">Will Support at $0.145 Usher in a New Rally?</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/g/gOs5uSRP.png" alt="BINANCE:DOGEUSDT Chart " width="1946" height="893">
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 Dogecoin price| Tradingview
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For nearly two months, the <a href="https://coingape.com/price-predictions/dogecoin-doge-price-prediction/">Dogecoin price</a> has been trading sideways and can be traced through two converging trendlines of the daily chart. These trendlines acting as dynamic resistance and support indicate the formation of the symmetrical triangle pattern. 
Currently, the <a href="https://coingape.com/dogecoin-price-whales-move-456-mln-doge-coinbase-price-risk/">DOGE price</a> trades at $0.145 and witnessed demand pressure at the triangle’s lower trendline as displayed by a long-tail rejection. The asset has shown a history of bouncing back from the mentioned support, signaling a high area of interest for buyers. 
According to a recent analysis by Santiment, a renowned crypto analytics firm, there is a notable divergence in the activity of cryptocurrency wallets. The data indicates that the total number of active non-empty Bitcoin wallets is on the rise, suggesting an increased interest in Bitcoin despite its price volatility.&nbsp; 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4ca.png" alt="📊" class="wp-smiley" style="height: 1em; max-height: 1em;"> The total amount of non-empty <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> wallets are rapidly growing despite choppy prices. <a href="https://twitter.com/hashtag/Altcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Altcoin</a> wallets for assets like <a href="https://twitter.com/hashtag/Dogecoin?src=hash&amp;ref_src=twsrc%5Etfw">#Dogecoin</a> have flattened after enormous rises earlier this year. <a href="https://twitter.com/hashtag/Cardano?src=hash&amp;ref_src=twsrc%5Etfw">#Cardano</a> is one of the few networks to see active wallets drop. <a href="https://t.co/itg9qMes7c">https://t.co/itg9qMes7c</a> <a href="https://t.co/yrOlEQw3jy">pic.twitter.com/yrOlEQw3jy</a> 
 — Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1784139513956294675?ref_src=twsrc%5Etfw">April 27, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
In contrast, altcoin wallets for assets like Dogecoin have seen a plateau in activity, which follows significant increases earlier in the year. This trend could signal a shift in investor behavior, with traders potentially seeking stability in less volatile coins amid uncertain market conditions. 
Thus, the <a href="https://coingape.com/trending/dogecoin-price-whats-coming-next-for-dogecoin-price-rally-or-sell-off/">DOGE</a> price prolongs its consolidation for a few days or weeks which aligns with the development of a triangle pattern. 
Anyhow, for this memecoin to enter a direction trend, the buyers must breach from either of the triangle’s trendlines. A potential breakout from the upper boundary will accelerate the buying momentum and bolster the asset to break $0.2. 
<h2 id="b-technical-indicator-b">Technical Indicator</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">BB Indicator: The downtick in the lower boundary of the Bollinger band indicator highlights the sellers are still aggressive towards this asset.</li> 
 <li style="font-weight: 400;" aria-level="1">Moving Average Convergence Divergence: A notable bearish reversal from <a href="https://coingape.com/glossary/macd-moving-average-convergence-divergnece/">MACD</a> and signal line indicates no sign of reversal yet.</li> 
</ul> 
The post <a href="https://coingape.com/markets/dogecoin-buyers-eyes-key-triangle-pattern-for-next-price/">Dogecoin Buyers Eyes Key Triangle Pattern for Next Price Move</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Dogecoin Buyers Eyes Key Triangle Pattern for Next Price Move

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