DOGE FACING A TRIPPLE RESISTANCE 🚨
Like many other coins, DOGE recently found its local support at a long-term support line 10c. At this level, DOGE bounced nicely. However, the reversal was rejected at the 0.128 resistance.
Contrary to many other altcoins, DOGE is facing triple resistance. As a result, it will be harder to break through, but if it does, DOGE can easily rally 25%.
Here are the details 👇
1️⃣ Chart Setup
DOGE is at a crucial point where three significant resistances come together:
- The EMA200 as a long-term trend line
- The resistance line of the downtrend that started in April
- The long-term support/resistance at 0.128.
If DOGE breaks through these resistances, it will quickly rally to the next significant resistance at 0.165.
2️⃣ Technical Indicators
Again, similar to many other altcoins, DOGE's momentum indicators are overbought on the daily chart due to the recent relief rally. Therefore, the current consolidation will help to return to neutral zones before an attack of the resistance can start.
3️⃣ Trade Signals
On higher timeframes (1D, 1W), DOGE hasn't flashed any signals lately. Most signals indicated the current consolidation at lower timeframes and haven't changed since then.
4️⃣ AI Forecast
The AI Forecasts are indecisive. While the Deep AI Forecast predicts a correction to the 10c level, the Pattern AI Forecast predicts a price increase of ~20%.
✅ What To Do?
The following steps are pretty obvious: Wait for the mentioned resistances to break. If this happens, a long entry should be more than safe. In case of a rejection, the Pattern AI Forecast might be correct, and 10c might come back into play.
