Dogecoin(DOGE): Major Resistance Worked Well As Of Now!

Making a descending triangle pattern. This pattern shows that the price is in a consolidation phase, with a trendline resistance that is going down and aligning with the middle line of the Bollinger Bands.

Currently, the price is near the apex of the triangle, suggesting an imminent breakdown. If the price breaks below the triangle, we might see a significant move to the downside, with potential targets around $0.08230 and possibly extending to the $0.07535 support zone.

We keep a close eye on the price action at the triangle and the major resistance zone for indications of whether there will be a bearish continuation or a bullish reversal.

Comment:

Doge has a nice movement towards 200EMA (resulting in 5.55% of market price movement) but did not secure that re-test.

We are back in our original spot and waiting for another attempt at similar movement!.

If we see a breakout happening from that triangle formation, then we can go for a re-test of the upper resistance, which could be used as a good entry to short!

Comment:

DOGE is still continuing to show us some weakness near current zone where price went for second attempt to breakdown (and as of not working nicely out)

If this re-test works smoothly, then we will see prices in lower zones more likely!