DOGE: Falling Wedge Breakout
DogeCoin (DOGE) technical analysis:
Trade setup: Bullish breakout from Falling Wedge pattern, which could signal that buyers have finally absorbed the supply from sellers and the price could reverse trends. Confirmation came when price also broke above $0.07 resistance and above 200-day moving average ($0.08). Price could revisit $0.10 resistance next.
Patterns: Falling Wedge Usually results in a bullish breakout. When price breaks the upper trend line the price is expected to trend higher. Emerging patterns (before a breakout occurs) can be traded by swing traders between the convergence lines; however, most traders should wait for a completed pattern with a breakout and then place a BUY order.
Trend: Uptrend on Short- and Medium-Term basis and Downtrend on Long-Term basis.
Momentum is Bullish (MACD Line is above MACD Signal Line and RSI is above 55).
Support and Resistance: Nearest Support Zone is $0.070 (previous resistance), then $0.055. The nearest Resistance Zone is $0.010, then $0.110.
Trade setup: Bullish breakout from Falling Wedge pattern, which could signal that buyers have finally absorbed the supply from sellers and the price could reverse trends. Confirmation came when price also broke above $0.07 resistance and above 200-day moving average ($0.08). Price could revisit $0.10 resistance next.
Patterns: Falling Wedge Usually results in a bullish breakout. When price breaks the upper trend line the price is expected to trend higher. Emerging patterns (before a breakout occurs) can be traded by swing traders between the convergence lines; however, most traders should wait for a completed pattern with a breakout and then place a BUY order.
Trend: Uptrend on Short- and Medium-Term basis and Downtrend on Long-Term basis.
Momentum is Bullish (MACD Line is above MACD Signal Line and RSI is above 55).
Support and Resistance: Nearest Support Zone is $0.070 (previous resistance), then $0.055. The nearest Resistance Zone is $0.010, then $0.110.
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