The technical analysis of DOGE displays quick consolidation after the recent plunge with a breakout possibility, as prices still struggle to breach the ceiling of  $0.01.

Dogecoin (DOGE) has been on bullish momentum for the last few weeks, resisting the recent market crash caused by the collapse of the crypto exchange FTX. The DOGE price action displays a consolidation after a recent drop to $0.090. Although the meme coin surged by more than 9.3% in the last 7 days, today's momentum appears to be sluggish due to the recent slash. Since DOGE saw a surge of 12% in the last 24 hours, the recent plunge to the daily low of $0.090 seems to be short-term as it did not take long to enter the consolidation phase. The quick consolidation in the market signals an upcoming breakout as traders are eying for opportunities. 
<h3>Key Points</h3>
<ul>
 	<li style="font-weight: 400">The symmetrical triangle pattern on the daily chart displays the consolidation period </li>
 	<li style="font-weight: 400">The DOGE price action shows a breakout possible after the consolidation </li>
 	<li style="font-weight: 400">The intraday trading volume in DOGE is $1.34 billion.</li>
</ul>
<img src="https://s3.tradingview.com/snapshots/q/Qqb8SBPO.png" alt="TradingView Chart" />Source <a href="https://www.tradingview.com/x/Qqb8SBPO/">Tradingview</a>
<h2>DOGE Technical Analysis</h2>
In our <a href="https://www.cryptoknowmics.com/news/doge-technical-analysis-bull-run-takes-doge-above-0-090-resistance">previous analysis</a>, DOGE displayed bullish momentum by breaking above the $0.090 resistance level. As prices consolidate between the close range of $0.092 and $0.090, confirmed by a symmetrical triangle pattern formed by resistance and support trendlines, DOGE is preparing for another breakout on either side. After the recent drop DOGE faced opposition at the $0.090 support level and pulled back. The 200-day EMA moving between the resistance and support level also indicates a lack of strong momentum in the market. The sideline traders may expect entry and exit opportunities if DOGE witnesses a breakout after the consolidation phase ends. If the breakout turns out to be bullish, DOGE would be on the retest to cross $0.01. Whereas if the token witnesses a bearish breakout the price would possibly dive below $0.090.
<h2>Technical Indicators</h2>
Making multiple bearish and bullish divergences in a short span, the sideways movement of RSI projects a balance between demand and supply in the market. MACD and signal lines are also choppy giving a bearish crossover on a bullish histogram. 

Therefore the technical indicators highlight a sluggish movement in the trend as DOGE is still in the consolidation stage preparing for another breakout which will decide further momentum for traders.

DOGE Technical Analysis: Symmetrical Triangle Pattern Indicates Breakout Possibility 

The technical analysis of DOGE displays quick consolidation after the recent plunge with a breakout possibility, as prices still struggle to breach the ceiling of  $0.01.

Sanjay Shukla is a Content Writer with Cryptoknowmics, India's biggest media platform in crypto. He has more than 8 years of experience in the Business and Finance domains. Sanjay writes excellent content on cryptocurrencies, trading, Bitcoin, and the share market, to help the readers have deep insight into the topic.

DOGE Technical Analysis: Symmetrical Triangle Pattern Indicates Breakout Possibility

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