SNEAK PEEK
- DOGE’s historic 23,200% surge on descending triangle sparks investor interest.
- The market downturn in DOGE may lead to profit-taking opportunities.
- Despite its recent decline, DOGE’s resilient community holds hope for a bullish rally.
According to a recent tweet from @ali charts, Dogecoin (DOGE) grew by 23,200% the last time a descending triangle appeared on the monthly chart. A descending triangle pattern is frequently a sign of price consolidation before a potential breakout or breakdown. This significant price increase occurred over several months, indicating strong bullish momentum for DOGE.
#Dogecoin | The last time a descending triangle developed on the monthly chart $DOGE pumped 23,200%! ?
I’ll be looking at a sustained monthly close above $0.80 for confirmation. pic.twitter.com/RVgymwIhtK
— Ali (@ali_charts) July 23, 2023
Numerous investors were drawn in by this sharp rise in value, which raised interest and demand for DOGE. Price movement during that period showed the possibility of significant gains. Alternatively, a sustained monthly close above $0.80 would indicate a strong bullish signal for DOGE and potentially lead to further significant price increases.
However, DOGE experienced a notable downturn in the last 24 hours. An attempted comeback fell flat, facing rigid resistance at the intraday high of $0.0728. Consequently, the price slipped, bottoming out at an intraday low of $0.07056. Currently, the price is $0.07135, representing a minor decline of 0.53% due to persisting bearish influences.
Moreover, DOGE’s market capitalization mirrored this downturn, contracting by 0.60% to $10,003,749,123. Additionally, the 24-hour trading volume dropped 13.66% to $285,066,676, likely due to the prevailing bearish sentiment.
The Kelter Channels (KC), with upper and lower band values of 0.07333 and 0.06987, signify a market downturn. A breakthrough below the lower band might confirm this downward trend, offering opportunities for profit-taking or short-selling.
Nonetheless, the 2-hour DOGE price chart exhibits a negative Elder Force Index (EFI) of -619. This selling pressure might mark the onset of a bearish trend. However, despite the price drop, a notable price rally could be looming.
On the 2-hour price chart, the Chande Momentum Oscillator (ChandeMO) faces south and is in negative territory with a value of -18.55 hence oversold. This action suggests that DOGE’s price has been dropping swiftly lately and may continue unless it exhibits signs of a bullish reversal.
The Commodity Channel Index (CCI) is down at -14.05 on the DOGE market’s 2-hour price chart. This pattern indicates significant selling pressure on the market and that a price reversal will most likely occur. Although the price of DOGE is currently falling, a significant price increase might be coming.
In conclusion, DOGE’s future remains uncertain, but with its remarkable growth and resilient community history, investors still hope for a bullish comeback.
Disclaimer: Cryptocurrency price is highly speculative and volatile and should not be considered financial advice. Past and current performance is not indicative of future results. Always research and consult with a financial advisor before making investment decisions.
