- DOGE price remains confined in the prevailing consolidation setup.
- The meme token searches for a defense line near $0.133.
- The primary technical pattern’s lower boundary might serve as a ‘buy’ opportunity before the bulls prepare a rebound.
Dogecoin (DOGE) presents a buying opportunity as the canine-themed crypto explores potential support around the governing technical setup’s lower boundary. The alternative coin might witness an upside bounce if it secures a credible footing at $0.133.
DOGE Drops Lower Before a Rebound
The daily price chart shows DOGE printed a parallel channel after the dog coin maintained consolidations, confusing forecasts. The dog-themed crypto might extend its sideways movement between well-defined technical zones.
Dogecoin might see its price actions sealed inside the prevailing chart formation between the lower and upper boundaries. As the TRIN indicates increased selling pressure, Dogecoin might decline further, tagging the governing technical pattern’s lower border at $0.133. This level should serve as DOGE’s reliable support floor.
If Dogecoin bulls step in for a rebound, the alt will encounter the nearest resistance zone at 21-day SMA near $0.161, then the 50-day Simple Moving Average of $0.168. An additional obstacle might appear at a 23.6% FIB retracement mark at $0.179.
Dogecoin price will encounter another hurdle at the prevailing chart setup’s middle boundary around $0.209, the level where 100-day Simple Moving Average intersects with the 38.2% FIB retracement mark.
Dogecoin price will witness confrontation around the stiff hurdle at 61.8% FIB retracement mark of $0.258, the level matching the Momentum Reversal Indicator’s resistance line. Higher aspirations will eye the prevailing chart pattern’s upper boundary at $0.305. Such a case might lead to a 100% price bounce by the coin.
Meanwhile, bulls’ failure to reverse the underperformance sessions will have DOGE declining towards the 4 December low around $0.130.
Nevertheless, altcoins appear to suffer than Bitcoin in the ongoing market sell-offs. Large-cap alts seem to contemplate massive downswings. Moreover, crypto analysts predict further declines for the crypto space. For now, DOGE seeks a reliable support floor for bulls to attempt an upside move.
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