Lorenzo Stroe
Independent Analyst
- Dogecoin price is contained inside a descending triangle pattern on the 4-hour chart.
- One key resistance level separates DOGE from massive breakout.
- The digital asset has been trading sideways for the past two days.
Dogecoin price has been trading sideways for the past two days and inside a downtrend since its new all-time high of $0.087 on February 7. Now, the favorite canine-cryptocurrency is ready for a new leg up.
Dogecoin price faces critical barrier before a massive breakout
On the 4-hour chart, Dogecoin has established a descending triangle pattern with its critical resistance trendline at $0.052. A breakout above this point should swiftly push Dogecoin price towards $0.07, a 37% move calculated using the height of the pattern as a reference point.
DOGE/USD 4-hour chart
The In/Out of the Money Around Price (IOMAP) chart shows steep resistance ahead above $0.052. The strongest resistance barrier is located between $0.052 and $0.054 which coincides with the outlook above adding credence to the bullish view.
DOGE IOMAP chart
However, on the way down, the IOMAP model shows weak support. The most significant range is located between $0.05 and $0.049 which means that a breakdown below this point would drive Dogecoin price down to $0.044.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
TRON gains 10% in 2024, supply of stablecoins reaches over $50 billion in Q1
TRON, a blockchain-based digital platform, has seen positive growth in the first quarter of 2024, as seen in a Messari report. TRON noted gains across several metrics like market capitalization, revenue and total value locked.
XRP hovers near $0.50 as Ripple CTO addresses concerns related to stablecoin launch
XRP is hovering near $0.53 on Friday, spending nearly all week below $0.55. Ripple CTO David Schwartz addressed concerns on stablecoin and XRP utility on Thursday.
Terraform Labs set to restrict access for users in the US after recent ruling in SEC lawsuit
Blockchain company Terraform Labs said Thursday that it will restrict access to some of its products and services for US-based users as it expects to receive a court order soon in light of its legal battle against the US Securities and Exchange Commission (SEC).
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.