- Dogecoin price continues trading inside a descending triangle pattern on the 1-hour chart.
- The digital asset is close to a significant 20% breakout if it can beat a key resistance level.
- DOGE bulls must defend two important support levels to remain in control.
Dogecoin has been extremely volatile in the past week but has settled down in the past 24 hours. The digital asset has been trading sideways and awaits a potential 20% move to the upside if bulls can remain in control.
Dogecoin price must stay above this level to a chance of a 20% breakout
On the 1-hour chart, Dogecoin has established a descending triangle pattern with a resistance trendline located at $0.075. The current price of Dogecoin at $0.073 is right at a key support level where the 50-SMA and the 100-SMA levels converge.
DOGE/USD 1-hour chart
If the bulls can defend this key support level, Dogecoin price can quickly jump towards the upper trendline resistance at $0.075. A breakout above this point leads to a 22% move towards $0.09.
DOGE IOMAP chart
However, if Dogecoin price falls below $0.073, the next bearish price target would be the lower boundary of the descending triangle at $0.066. The In/Out of the Money Around Price (IOMAP) chart gives the upper hand to the bears as it shows a strong resistance level above $0.073. The most significant support area is located between $0.068 and $0.07 with 2.17 billion DOGE in volume, losing this range can quickly push Dogecoin price to the price target of $0.066.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Latest Crypto News & Analysis
Editors’ Picks
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Crypto markets prepare for a bullish October
Bitcoin price is experiencing a momentary downswing as it sets up a falling wedge pattern. Similar to the big crypto, Ethereum price is also forming a bullish pattern. However, Ripple seems to be bouncing off a support floor without any technical formations in play.
XRP and XLM in trouble as CBDCs aim to make cross-border remittances cheaper and faster
The outcome of recent Central Bank Digital Currency (CBDC) pilots shows slashed cost and reduced transaction time. Cryptocurrencies currently utilized for making cross-border settlements, Ripple (XRP) and Stellar Lumens (XLM), are likely to face stiff competition from CBDCs.
Shiba Inu price stabilizes as SHIB bulls prepare for 20% take-off
Shiba Inu price saw a massive uptrend on September 16 but was soon undone in the next couple of days as it approached a stable support floor. Investors can expect SHIB to launch here, retesting crucial resistance barriers.
Cardano price eyes 30% breakout if ADA bulls can overcome this strong hurdle
Cardano price is in a suspended state after its recent breakout from the bullish pattern. If ADA finds a launching pad, there is a high chance a new uptrend begins. Interestingly, there is a confluence of support, indicating a bullish outlook.
Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive
Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.