The post DOGE Price Analysis: Losing Momentum In A Channel, Will DOGE Price Reach $0.10? appeared first on Coinpedia Fintech News
DOGE coin price shows a slowly declining trend in the daily chart with a falling channel pattern for the last 8 months. Currently, the DOGE price reflects a positive cycle in motion, accounting for a price jump of 33% in the last two months.
However, with the higher price rejection from the overhead resistance of the falling channel, DOGE prices struggle to give a bullish breakout. Moreover, with the double top pattern with the neckline close to the 200-day EMA, the Dogecoin price might soon start a negative cycle.
At the moment of writing, the DOGE coin price trades at $0.0794 with an intraday gain of 1.53%, reflecting underlying solid bullish sentiments. However, the DOGE prices continue trending sideways for almost a week after the 10% jump on 25th July.
Therefore, if the DOGE prices sustain above the 200-day EMA, the uptrend can lead the meme coin to $0.10. Moreover, the golden crossover seems imminent with the positive trend in the 100-day EMA and 50-day EMA.
Coming to the trading volumes, the sideways dictates a triangle pattern in the 4-hour chart and shows a decline in volume. The triangle pattern breakout will set the DOGE price trend in the larger timeframe.
With the 0.39% number of whales going down, DOGE investors and retailers are ready to hoard, projecting the strong momentum of DogeArmy. It is evident by the 7.66% and 0.83% growth in DOGE investors and retailers.
In a nutshell, the DOGE price can reach $0.10 with a bullish breakout of the triangle. On the opposite end, closing below $0.075 will drop the Dogecoin price to $0.70.
