Dogecoin’s failure to break free from a multi-month downtrend and the likelihood of another dip towards $0.045.
Dogecoin’s price has been confined within a downtrend since October 2022, indicating another potential dip towards support at $0.045 before a recovery attempt.
Dogecoin’s confinement within a descending channel and the reinforcement of the downtrend by a bearish fractal pattern.
The weekly chart shows Dogecoin trapped in a descending channel, suggesting that the current downtrend is ongoing. The resistance and support levels of the channel have held firm, keeping DOGE within a narrow range. A bearish fractal pattern reinforces these levels, indicating the possibility of a further dip to $0.045 before a major breakout.
The possibility of a rebound from immediate support, the importance of sustained uptrend and increased trading volumes, and the potential impact of DOGE integration on X.
The Moving Average Convergence Divergence (MACD) indicator shows a sideways outlook, which could potentially break the pattern and lead to a rebound from immediate support at $0.06. However, a sustained uptrend and increased trading volumes are necessary for a trend reversal. The Dogecoin community eagerly awaits a signal from X (formerly Twitter) regarding the integration of DOGE payments, which could have a significant impact on the meme coin’s price and trigger a potential bull run.