Цена Dogecoin (DOGE) важна на этой неделе.

This week will be important for the price of Dogecoin (DOGE). Last week, the price of Dogecoin (DOGE) was unable to break out of the support trend line of the correction pattern. Regarding the weekly and daily dynamics, there is conflicting information, which complicates determining the trend direction. Dogecoin bounced off the previous support level. From the technical analysis of the weekly chart, it can be observed that the price of DOGE remained below the downtrend support line throughout October 2022, leading to a minimum in June 2023. After that, Dogecoin started to rise. After forming a high minimum in October, the price of Dogecoin accelerated its growth and broke out of the trend support line the following month. This line held for 400 days before the breakout. Dogecoin reached a new annual high of $0.107 on December 11, after which it fell. The DOGE/USDT chart for the week. When evaluating market conditions, traders use RSI as a momentum indicator to determine whether the market is overbought or oversold, and whether to buy or sell the asset. If the RSI value is above 50 and the trend is upward, the bulls still have an advantage, but if the value is below 50, the situation is the opposite. The weekly RSI supports the bounce as it rebounded at 50 when the price tested the trend support line. DOGE price forecast: can the price change the trend? Although the technical analysis on the weekly chart shows a bullish retest, the daily time frame chart leans towards bears. The daily chart shows that the price of DOGE is trading within an ascending parallel channel since June 2023. After the breakout in December, the price tested its trend support line twice (green icons). However, it did not show enough resilience and returned inside the channel at the beginning of 2024. On January 11, DOGE confirmed the trend support line (red icon) and fell. Despite this bearish price dynamics, the cryptocurrency trader WorldOfCharts believes that the price of DOGE will soon increase significantly. He wrote in his tweet: Consolidation in a bullish pennant with an expectation of a quick breakout. A successful breakout can lead to a 45-50% bullish rally. Also, the prominent supporter of Dogecoin, Elon Musk, confirmed that he still holds Dogecoin. However, the daily RSI also gives a mixed reading. Although the indicator is rising, it is still below 50. Therefore, whether the price of DOGE will break out of the channel or below its middle line will determine the future trend. The DOGE/USDT chart for the day. Exiting the channel could lead to a 45% increase to the next support point at $0.115. Conversely, falling below its middle line could result in a 25% decrease to the support trend line at $0.062. For the latest cryptocurrency market analysis, please follow the link. Disclaimer In accordance with the principles of the Trust project, this price analysis article is purely informative and should not be considered as financial or investment advice. BeInCrypto strives to provide accurate and unchanging information, but market conditions may change without notice. Always conduct your own research and consult with professionals before making financial decisions. Please note that we have updated our Terms and Conditions, Privacy Policy, and Disclaimer.