Dogecoin Price Prediction: DOGE Price Signals Interesting Bullish Pattern, Make or Break?

• Dogecoin price is trading under an ascending triangle pattern on the 4-hours chart.
• On the daily price scale, the price is currently trading below the 20-day moving average.
• Trading volume increased by 20% overnight and was reported at $1.620 billion.

Following a significant rally, the price of Dogecoin has come under selling pressure. As the market has converted bear market this week, investors are protecting their long positions. Buyers frequently fail to keep excellent stability in the cryptocurrency industry, resulting in every increase becoming a selloff. And the reason for this massive selloff was the FTX crisis.

Dogecoin was trading at $0.08725 against the USDT pair at the time of writing. However, for the past few days, the price has been forming inside candles, and this accumulation phase may provide strength for the next upward movement.

DOGE On 4 Hours Chart 

Over the 4 hours price chart, Dogecoin price action forms the higher-lows pattern above the support trendline. Amid bullish trend, bears stay at $0.095 mark to maintain selling pressure on DOGE. Thus, price action suggests an ascending triangle pattern as of now and above this immediate resistance, bulls may struggle at conceptual round level of $0.10.

Market cap is slightly up 1.67% in the last 24 hours at $11.57 Billion. However, market holds at just above the lower levels, in fact, Dogecoin price concerning the bitcoin pair is in the green zone by 2.0% at 0.000005201 satoshis. Meanwhile, Trading volume increased 20% overnight and reported at $1.620 Billion.

DOGE on Daily Price Scale 

On the daily price chart, buyers are placing Meme-coin (DOGE) above the 50,100 and 200 day moving averages. But 20 DMA is yet to be supported. Above this bullish barrier, buyers can retest their recent swing high at $0.1572. However, trading volumes have been declining steadily, which may help buyers regain their dominance.

Conclusion

Dogecoin price is standing inside an ascending triangle pattern along with the previous candles. Due to the ongoing market collapse, buyers are frustrated as they often fail at each price hike.

Support level – $0.078 and $0.050

Resistance level – $0.10 and $0.16

Disclaimer 

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

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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