CryptoMediaClub
Tuesday, June 3, 2025
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
CryptoMediaClub
No Result
View All Result
Home Altcoins

Dogecoin Price Struggling for a Trend Reversal; Awaiting Breakout

16.07.2023
A A
0
127
VIEWS
ShareShare

Dogecoin Price Struggling for a Trend Reversal; Awaiting Breakout

  • The recent price behavior may signal a change in the underlying trend structure.
  • If the price is able to break out over $0.08101, it may signal a change in trend.
  • A price objective of $0.16520 is set based on the Descending Channel Pattern Range.

Since around the middle of February 2022, the price of the popular cryptocurrency DOGE/USDT has been consolidating within a narrow band of $0.1420 to $0.5140. There has been a lack of direction in the market, as seen by the protracted horizontal trend seen throughout this time. However, DOGE/USDT made a serious effort to push through the barrier in late October 2022 as seen in the analysis chart below. The large wick candles formed at the rejection area shown in the chart clearly indicated the strong bearish sentiment.

Unfortunately, the bullish momentum didn’t last long, as the bears quickly regained control and created a powerful bearish Inverted Hammer pattern near the key resistance point of $0.1420. This denial was a major blow for DOGE/USDT, and it triggered a continuation of the downward trend that has endured ever since.

Potential Trend Reversal: DOGE/USDT Shift from Lower Highs to Higher Highs

DOGE/USDT’s recent price behavior may signal a change in the underlying trend structure. The cryptocurrency’s price action, marked by a series of lower highs and lows, is negative. This is pretty clear as seen in the analysis chart below. There are, however, signs that this trend is about to change. DOGE/USDT is getting close to the previous Continue to Structure (CTS) level after a string of lower lows.

In addition, the cryptocurrency had a notable 15% drop in a single day on June 11th, 2023 as seen in the chart above, which might signal a reversal of the current gloomy outlook. This change from lower highs to higher highs may mark a turning point for DOGE/USDT.

Technical Analysis: DOGE/USDT Trapped in Descending Channel Pattern, Resistance at Trend Line

According to the technical analysis, DOGE/USDT has been trading within a Descending Channel Pattern since November 7th, 2022, and is expected to do so until July 15th, 2023. A sequence of lower highs and lower lows defines this pattern as seen in the chart below, which is indicative of a negative outlook.

During this time, the value of DOGE/USDT has dropped drastically, by an estimated 50%. Notably, the price has been rejected three times by the falling trend line, which indicates strong resistance. These setbacks point to intense selling pressure, and they add weight to the notion that DOGE/USDT will have a hard time breaking above the trend line resistance.

Breakout or Continuation: The Critical Levels to Understand DOGE/USDT Future Trend

If DOGE/USDT is to break out of its present downtrend or continue to drift down, the next price moves will be decisive. If the price is able to break out over $0.08101, it may signal a change in trend. A consistent pattern of higher highs and higher lows would follow such a breakout, signaling the end of the lower low and lower high structure. If the price of DOGE/USDT were to break out in this way, it would be a fantastic opportunity for buyers and sellers.

In contrast, the lower low and lower high structures are expected to persist for DOGE/USDT if it is unable to break through the pivot level at $0.06377. The current negative trend would continue, increasing the risk of a further price decline.

Projected Target and Potential Rally

The recent price behavior suggests the possibility of a trend reversal, with DOGE/USDT showing signs of shifting from lower highs to higher highs. This potential turning point is supported by the cryptocurrency nearing a previous structural level and a notable drop on June 11th, 2023. Technically, DOGE/USDT remains trapped within a descending channel pattern, facing strong resistance at the trend line.

The next price moves will be crucial in determining the cryptocurrency’s future trend. A breakout above $0.08101 could signal a change in trend, while failure to break through the pivot level at $0.06377 would sustain the current downtrend. If a breakout occurs, DOGE/USDT could experience a significant rally, with a projected target of $0.16520, representing a potential 100% increase from its current level.

Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.

Share10Tweet6ShareSharePin2

Related Posts

Solana gains 80% in a month as Firedancer goes live on testnet
Altcoins

Solana gains 80% in a month as Firedancer goes live on testnet

02.11.2023
0

Solana (SOL) has posted 30-day gains of nearly 81%, and has rallied over 30% in the past week amid the...

Read moreDetails
Price analysis 10/30: SPX, DXY, BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON

Price analysis 10/30: SPX, DXY, BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON

30.10.2023
Bitcoin price hovers near $35K as ETH, APT, QNT and RUNE turn bullish

Bitcoin price hovers near $35K as ETH, APT, QNT and RUNE turn bullish

30.10.2023
Chainlink leads the market with 61% weekly gain — What’s driving LINK price?

Chainlink leads the market with 61% weekly gain — What’s driving LINK price?

27.10.2023
FLOKI price soars 140% in a week — Are memecoins like DOGE, PEPE finally waking up?

FLOKI price soars 140% in a week — Are memecoins like DOGE, PEPE finally waking up?

27.10.2023
Load More
Next Post

Crypto Wallet Users Hit by Suspicious Activity Caused by Low Entropy Mnemonic

0 0 votes
Рейтинг статьи
Subscribe
Notify of
guest
guest
0 комментариев
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Recommended

Solana DEX Volume Hits Record Highs Amid Surging Memecoin Mania

Solana DEX Volume Hits Record Highs Amid Surging Memecoin Mania

7 months ago
Yuga Labs and Magic Eden Partner to Launch New NFT Marketplace

Yuga Labs and Magic Eden Partner to Launch New NFT Marketplace

2 years ago

EOS Celebrates 5th Anniversary Owing to ‘Resilient’ Community

2 years ago

Bitcoin is in the middle of accumulation, on-chain data shows

2 years ago

Categories

  • All news
  • Altcoins
  • Analysis
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
No Result
View All Result

Highlights

CertiK Says $302M Lost to Web3 Scams, Hacks, and Exploits in May

Bitcoin Correction: Is This the Opportunity for a Stunning New All-Time High?

Strategy Doubles Down on Crypto with $75M Purchase of 705 Bitcoin

Crypto Traders Make Urgent Shift to Short-Term Strategies Amid Market Uncertainty

CAR to Tokenize 1,700 Hectares of State Land

Czech Minister Steps Down, Opposition Calls for Govt to Resign Over $46M in BTC ‘Donated’ from Convicted Criminal

Trending

Bitcoin’s 8% correction flushed leverage but set stage for short term turbulence
Analysis

Bitcoin’s 8% correction flushed leverage but set stage for short term turbulence

03.06.2025
0

Bitcoin (BTC) dropped nearly 8% from its May 22 all-time high, near $112,000, ending a 50% climb...

Russian Investigators ‘Seized $8.2M Worth of Crypto from Hydra Darknet Server Chief’

Russian Investigators ‘Seized $8.2M Worth of Crypto from Hydra Darknet Server Chief’

03.06.2025
Whale Signal or Exit? XRP Price Prediction After 44M Tokens Leave Exchange

Whale Signal or Exit? XRP Price Prediction After 44M Tokens Leave Exchange

03.06.2025
CertiK Says $302M Lost to Web3 Scams, Hacks, and Exploits in May

CertiK Says $302M Lost to Web3 Scams, Hacks, and Exploits in May

02.06.2025
Bitcoin Correction: Is This the Opportunity for a Stunning New All-Time High?

Bitcoin Correction: Is This the Opportunity for a Stunning New All-Time High?

02.06.2025
  • All news
  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
  • Analysis
Editor: cryptomediaclub.com@gmail.com
Advertising: digestmediaholding@gmail.com

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

wpDiscuz