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DOGE’s Price Is Looking To Break Out of a Consolidation Channel

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DOGE’s Price Is Looking To Break Out of a Consolidation Channel

Dogecoin’s price has experienced a 1.06% drop in the last 24 hours. According to CoinMarketCap, the price of Dogecoin (DOGE) is trading at $0.08883 at press time. Despite the 24-hour drop in price, DOGE’s weekly performance is still in the green at +5.44%.

Crypto analyst, Captain Faibik, tweeted his optimistic take on the popular meme coin. In the tweet, the analyst stated that “DOGE is loading,” and that it will always lead the altcoin season. The analyst concluded the tweet by stating that it is just a matter of time before DOGE’s price hits $1.

DOGE’s Price Is Looking To Break Out of a Consolidation Channel

Daily chart for DOGE/USDT (Source: CoinMarketCap)

DOGE is currently attempting to break out of a consolidation channel between $0.07868 and $0.08939. The past 3 days have seen DOGE’s price briefly break above the upper bound of the channel before retracting back into the channel.

Technical indicators for DOGE are looking bullish as the 9-day EMA is positioned above the 20-day EMA line. In addition to this, the daily RSI line is positioned above the daily RSI SMA line, and is sloped positively towards the overbought territory.

The bullishness expressed by these daily technical indicators is suggestive of a pump in DOGE’s price in the coming days.

This bullish thesis will be invalidated, however, if DOGE’s price drops below the 9-day EMA line, which is currently squeezing the meme token’s price against the upper bound of the price channel.

A break below the 9-day EMA line will result in DOGE’s price falling to the 20-day EMA line at around $0.08314.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

Source: ethereum.today

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