Dogecoin (DOGE) rally is possible? LONG
DOGECOIN/TETHER USDT
Dogecoin (DOGE) price correction from last week's peak triggered a spike in long position liquidations, with traders losing $1.48 million against only 55.85k short positions liquidations. The downtrend implies that DOGE is back to where it was on Friday amid increasing chances of extended correction.
Dogecoin price sits below the 20-day Exponential Moving Average (EMA) after failing to break above the 50-day EMA resistance at $0.1127. Sellers have the upper hand at the moment motivated by the Relative Strength Index (RSI) retracement in the neutral region to 45. Should the RSI drop toward the oversold region, DOGE will overshoot short-term support at $0.1, advancing to seek liquidity at $0.1.
Dogecoin price prediction suggests that long support at $0.1 holds, a trend reversal is highly likely. Moreover, the falling wedge in the daily range promises a 71.5% breakout to $0.18 if validated. A falling wedge is a bullish reversal pattern validated by a breach of the trend line resistance. Traders will place buy orders above the breakout point and set stop loss below the trend line. A rapid increase in trading volume will add credence DOGE price uptrend.
