Dogecoin Presents

The price of Dogecoin is approaching a key resistance area, namely the Tenkan-Sen and Kijun-Sen. If it breaks above these levels, the bullish trend is likely to continue. Short-sellers should also be on the lookout for a buy signal. The composite index is above the neutral zone and sitting just below the 0.00 mark, indicating a bullish breakout.

The composite index for DOGE is set to cross the moving averages and present a buying opportunity. The price has dropped 5 percent today and is now trading at $0.1819. If the bulls are unable to push the price past this point, then they can look to short Dogecoin. The next target is the $0.21 resistance level, which could offer an entry point for short sellers. The falling wedge pattern is also a bullish reversal pattern.

Since late December, the price of Dogecoin has been on a downward trajectory. While fears of a capitulation are legitimate, bears have not acted yet. The price is still selling at $0.14. So, now is the time to buy dogecoin and make a profit. But first, we need to understand the reasons behind the trend. If you don’t understand what we’re talking about, don’t be afraid to trade.

Dogecoin Presents Buying Opportunity

The Relative Strength Index is still above the final oversold level in the bull market. The Composite Index is sloped above the first oversold level. The price of DOGE is likely to spike over the next two days to hit the weekly Senkou Span B at $0.38. In the short term, the prices will be under significant pressure and may even spike to the resistance level at the $0.21 mark.

The bullish trend is currently undercutting the falling wedge and is on the rise. The composite index has crossed the two moving averages and is set to cross the moving averages. A long position in DOGE can be profitable. While it’s a high-risk trade, it could pay off in the long run. When the fall begins, the price of Dogecoin will cross the upper and lower moving-sales trendlines.

While the daily Ichimoku chart of Dogecoin is still overwhelmingly bearish, recent intraday buying pressure has tempered fears that the price may capitulate and crash. However, if the price is set to break the rising wedge, it can present a buying opportunity. A bearish triangle pattern is a signal of overbought/oversold market conditions. A falling wedge signal is a warning sign for short-sellers.

Despite the bullish trend, the price of Dogecoin is still falling. While the price is approaching the lower trendline of a rising wedge, it has breached the lower trendline of the falling wedge. This action is likely to trigger a massive short squeeze. So, the upside is more appealing than the downside. The falling wedge pattern is a warning sign that the price will break the lower trendline of the falling wedge.