Consolidates Near $0.44 as Trading Volume Rises
The post Consolidates Near $0.44 as Trading Volume Rises appeared on BitcoinEthereumNews.com.
TLDR Dogecoin formed an ascending triangle pattern with resistance at $0.44 Current price indicates potential breakout from month-long consolidation Technical analysis suggests possible price targets of $0.54-$0.64 Price is trading within an ascending channel showing higher lows and highs Elon Musk’s Congressional appearance on Dec 5th could impact DOGE price Dogecoin (DOGE) is currently trading at $0.44, marking a crucial price point as the cryptocurrency forms a distinct technical pattern on its daily chart. The price action shows an ascending triangle formation, characterized by a horizontal resistance line and rising support levels. The horizontal resistance line of the triangle sits at the $0.44 mark, a level that has been tested multiple times over recent weeks. Each test of this resistance demonstrates sustained buying pressure, with bulls consistently attempting to breach this key level. On the support side, the ascending trendline begins near $0.34 and shows a steady upward trajectory. This rising support indicates that buyers are willing to enter positions at increasingly higher prices, preventing deeper price corrections. Trading volume patterns add weight to the current formation. Volume analysis shows increasing activity during upward price movements while remaining relatively subdued during pullbacks, suggesting accumulation at these levels. The 4-hour timeframe reveals additional technical aspects, with the price moving within an ascending channel. This pattern, formed by parallel upward-sloping lines, contains the recent price action and provides traders with clear support and resistance zones. Lower timeframe analysis shows the price oscillating between the channel boundaries, with the lower support currently holding around $0.40. The upper resistance of this channel extends to approximately $0.52, marking potential targets for any upward movement. Dogecoin Price on CoinGecko Technical indicators on multiple timeframes align with the broader pattern. The Relative Strength Index (RSI) maintains neutral territory, avoiding overbought conditions while showing steady accumulation phases. Moving…
Filed under: News - @ December 6, 2024 3:23 pm