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Dogecoin Price Analysis
Dogecoin ($DOGE ) recently turned down from the 50-day simple moving average (SMA) at $0.11, indicating that bears are selling during rallies.
To improve the chances of a breakout above the downtrend line, buyers need to defend the 20-day exponential moving average (EMA) at $0.11. A successful break and close above the falling wedge pattern would suggest a trend reversal, potentially leading to a new uptrend toward $0.14 and eventually $0.18.
Conversely, if the price drops below the 20-day EMA, it would suggest the pair may continue to trade within the wedge. In this scenario, bears might push the price down to $0.09, where buying interest is expected to emerge.
