Dogecoin (DOGE) Price Analysis 24-05-2023

The price of Dogecoin (DOGE) is negative since it has fallen below its 200-day moving average. The current trading pattern is a falling wedge. To confirm that buyers have successfully absorbed sellers’ supply and the price may soon reverse trends, we await a bullish breakout from the Falling Wedge pattern.

Falling Wedge results often in a bullish breakthrough. A bullish price trend is anticipated after the price breaks above the trend line.

Swing traders may participate in trading emerging patterns (before a breakout occurs) between the convergence lines, but most traders should wait for a full pattern with a breakout before placing a BUY order.

The trend over the short, medium, and long terms is down. With a bullish MACD line and a bearish RSI reading, momentum is indecisive. The nearest support zone is at $0.070, followed by $0.055. It’s possible to find resistance in the vicinity of $0.090, $0.100, and $0.115.