Amid a sea of red and high price volatility, Dogecoin price remains green and optimistic. Dogecoin price hovered around $0.143 during Thursday’s European trading session, up 3.4% in the past 24 hours. Similar to the general market, Dogecoin price rose by 13% in anticipation of the FOMC announcement but has since retreated.
Dogecoin price has been trading in a massive descending triangle for the past 4 months. Descending triangles are not usually bullish but have a 34% probability of breaking out to the upside. Dogecoin price action is below the 50-day but above the 200-day simple moving average (SMA). This suggests a battle between bears and bulls. The relative strength index (RSI) is currently at 46, acting as support.
Dogecoin price is approaching the end of the descending triangle and it may be time to make a decision soon. There is strong support near the $0.12 to $0.13 area that may support the price. This support level has been tested three times in the past four months, so it is robust.
An upward breakout could result in a 79% surge in price, pushing DOGE to $0.27. This would be DOGE’s highest price in three years. Conversely, if DOGE breaks downward, key support levels are found around $0.12, $0.09, and $0.07.
The price of DOGE has also been affected by recent rumors that Musk plans to integrate the meme coin into the X platform. Musk posted an animation from DogeDesigner showing the merger of his previous payment platform X with the X social media app.
Musk received a money transmitter license in January and plans to launch a digital payment platform later this year. These events could significantly affect the price of DOGE, directly or indirectly.
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