- DOGE posted a 4+% gain over the last 24 hours.
- The meme coin’s price has been in a multi-day ascending price channel since the end of 2022.
- Technical indicators suggest that DOGE’s price may drop in the coming 24 hours.
The price of Dogecoin (DOGE) has gained 4.18% against the US Dollar over the last 24 hours, according to CoinMarketCap. Its weekly performance has also been flipped positive following DOGE’s 24-hour gain. Currently, DOGE’s weekly performance stands at +3.85%. As a result, DOGE is changing hands at around $0.07484 at press time.
DOGE’s price has formed an ascending price channel after printing higher highs and higher lows since December 31, 2022. There have been bullish and bearish attempts to break out of the channel. The first attempt at breaking out of the channel was on January 2, 2023. This breakout saw DOGE’s price reach a high of $0.07374 before descending back into the channel.
The next attempt at breaking out of the channel was a bearish breakout that took place on January 3, 2023. DOGE’s price was able to recover to trade in the channel once again before the 4-hour candle closed.
Since then, there have been additional bullish and bearish attempts at breaking out of the channel. There was a bullish attempt on January 5, 2023, which was followed by two bearish attempts on January 6, 2023, and January 8, 2023. These attempts proved to be traps that just saw DOGE’s price either retrace or climb back into the price channel.
DOGE’s price is now trading at the upper bound of the price channel. Therefore, its price may drop in the coming 24 hours. This bearish thesis is supported by the RSI line on the 4-hour chart being sloped negatively towards the oversold territory.
This bearish thesis will be invalidated if DOGE’s price closes above the resistance level at $0.07502 in the next 24 hours.
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