- DOGE Token price action may soon give a bullish breakout of the inverted head and shoulder pattern in the 4-hr time frame chart.
- The trading volume has surged by 31.13% in the past day as it stands at $1.66 Billion.
- The pair of DOGE/BTC is trading at 0.00004013 BTC with an intraday move of +2.02%
DOGE Token price action bounced from the $0.225 support with a tweezer bottom candle pattern. However, the rally is still struggling to cross the crucial resistance of the $0.264 level, indicating a higher price rejection candle.
DOGE Token trades for $0.247 and has experienced a 3.69% hike in market capitalization within 24 hours. In addition, the intraday trading volume surged by 31.3% over the last day.
DOGE Token in the 4-Hour chart.
The DOGE token price action forms a head and shoulder pattern in its 4hr time frame chart. The price may soon give a breakout from its $0.245 neckline, which would trigger a long opportunity for DOGE traders.
This daily chart shows that DOGE tokens are moving higher than any other crucial EMAs. These EMAs can act as support and will also help keep underlying bullishness strong. The chart also shows the 20 and 50 EMA are on the verge of giving a bullish crossover.
The RSI indicator hints at a broader underlying bullishness as the slope recovered to 55% from the oversold territory in the daily frame.
The MACD indicator displays the fast and slower lines have recently moved above the zero line in the daily chart, indicating a switch from a bearish to bullish momentum.
Conclusion: Respecting the inverted head and shoulder pattern, the DOGE Token may soon give a bullish breakout from the inverted head and shoulder pattern. Once the price provides a proper breakout and shows sustainability above that level, the DOGE traders could grab a good long opportunity for them.
Support – $0.241
Resistance – $0.265