DOGE Technical Analysis: Rising Trend Fails Within Consolidation 

The DOGE price action shows a bullish trend within a consolidation range, challenging the overhead resistance level of $0.065. However, the declining trend in trading volume during the retracement to support the trendline increases the reversal possibility. So, will Dogecoin rise again above the trendline?

Key Points:

Source - TradingView

DOGE Technical Analysis

As we mentioned in our previous analysis, the DOGE price action displays the consolidation range between $0.057 and $0.065 for a month. However, the recent increase in bullish momentum leads to a rising trend generating the support trendline within the consolidation range.

Additionally, the declining trend in the trading volume during the retracement to the support trend line increases the possibility of a bullish re-launch. However, the current daily candle displays a 3.15 % drop in market value to break under the support trendline.

If the selling pressure grows over the days, the Dogecoin market price will drop to the bottom support level of $0.057. However, traders hoping to capture the downfall must wait for the candle to close below the trendline.

Optimistically, if the bullish momentum sustains, an uptrend continuation above the broken trendline mark is possible. In such a case, the traders can expect the recovery rally to reach the $0.067 resistance level.

Technical Indicators

The RSI indicator shows no sign of a bearish divergence and continues to rise in an uptrend. But the recent drop brings it below the halfway line reflecting a bearish revolt. Moreover, the falling trend in the VI lines keeps the stochastic RSI bearish on the upcoming trend.

Therefore, the DOGE technical analysis suggests that traders should find a selling opportunity shortly.

Resistance Levels - $0.065 and $0.075

Support Levels - $0.057 and $0.050