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Dogecoin Could We Have A Breakout?

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Dogecoin (DOGE)


Market Cap: $433.90M

Circulating Supply: 114.75B DOGE

Max Supply: 0 DOGE

Volume (24h) $14.08M


Technical Analysis


Dogecoin (DOGE) continues to move higher on the short term after the failure to reach the near-term support levels. The cryptocurrency increased as the crypto market has managed to recover a little after the last corrective phase.  You should know that the perspective remains bearish on the short term because the rate is still trapped below a downtrend line which represents a very strong dynamic resistance.

The rate moves sideways on the short term, so maybe will be better to stay away until we’ll have a valid breakout from this extended range.


 

DOGE/USD has developed a major triangle on the Daily chart and now the rate has failed to approach and reach the downside line signaling a potential reversal. The rate has turned to the upside on the short term, but it remains to see how long this will be because it has increased slowly. The current rebound could be only temporary and it could still drop towards the 0.00288000 – 0.00248254 support area.

Price dropped along the upper median line (uml) of the descending pitchfork,, but failed to reach the first warning line (WL1). It could still reach the WL1 as it is trading very close to it. Dogecoin (DOGE) has managed to breakout above the 150% line and could fight hard to reach the first warning line (wl1) in the upcoming period.


Conclusion


A really great buying opportunity could appear only after a valid breakout above the downtrend line, above the warning line (wl1) and above the 0.00487198 static resistance. The Stop Loss could be placed below a former low.

 

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