DOGE to Sway its Tail – Prices Prepare to Break the Pennant

The prices prepare to break the pennant pattern.
OGE prices saw a rise by 7.61% in the past 7 days.
Analysts predict DOGE to reach $0.10 soon.

Dogecoin (DOGE), after Musk’s tweet, gained bullish momentum to rise to higher price levels. The prices moved to mark lower highs and higher lows, forming a pennant and nearing a breakout. The overall outlook seems optimistic and can form a solid high run to climb up to mark a high for the first quarter of 2023.

The dog-meme coin has observed volatile movements due to fan- activity or an inactive market, causing subtle panics. The DOGE community witnessed a wave of mixed emotions when the Doge proponent gave the coin the silent treatment and overlooked the beloved dog coin when introducing various features on his social media platform. And out of the blue, he tweeted with the Doge dog as the new CEO of the platform, rejoicing the fans.

Paw gang moves

The prices formed a pennant pattern, nearing a breakout. The prices are seen taking support and rising to prepare for the bullish breakout. The prices may surge to the level of $0.096, where it can face resistance. The volume and OBV both move sideways to show neutral perception among the holders of DOGE. The EMA ribbon forms a possibility of a golden cross (green circle), which may give out bullish signals.

The CMF, on the contrary, falls to the zone below the zero-mark to show a declining trend but can be reversed by the approaching bulls. The MACD records descending seller bars as the lines form a possibility of a positive cross. The RSI lays flat near the 50-mark to show neutral market influence.

Howl for the bulls

The smaller time frame shows prices consolidating in the sideways channel. The CMF falls close to the baseline to mark the stagnant rise in the prices. The MACD does not form any distinct cross and records struggling sellers trying to dominate the market. The RSI moves parallel to the half line to mark a relaxed market scenario.

Conclusion

The DOGE fam is always on toes to influence the price on every news related to it, even if there is no movement, that is a reason to suspect something’s fishy. The prices may soon witness a bullish breakout, reaching for the resistance near $0.096.

Technical levels

Support levels: $0.080 and $0.068

Resistance levels: $0.096 and $0.106

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.