Support and Resistance Patterns Impact Price Trends

Over the past week, DOGE exhibited a highly favorable response when it reached its support level around $0.060. Although the price has managed to break out of the bearish channel, it has yet to surpass the previous resistance in the downward trend of Dogecoin. As a result, a broader range channel has formed on the chart. Notably, there have been significant reactions when the price approached the $0.0700 resistance level. If the support at $0.0614 is breached, there is an increased likelihood of the price returning to the support at $0.0530. Additionally, a twin ceiling pattern is observed in the 4-hour timeframe, indicating a downward momentum and trend in the short term. To reverse the trend and establish an upward trajectory, it is essential to eliminate selling pressure entirely and witness positive responses to Dogecoin's support level.