Dogecoin is ready to go: $0.163 is the key, is it about to break out?
Dogecoin [DOGE] has been consolidating in a symmetrical triangle for the past three weeks since it broke out of the ascending triangle on May 16.
The price is close to the expansion point of $0.163. If the price breaks out of the resistance zone, the price may rise.
However, if the price does not accumulate enough momentum to break out, then the consolidation may continue in the short term.
Dogecoin is currently trading at $0.16 on CoinMarketCap, up 0.37% in the past 24 hours and 2.56% in the past 7 days.
Key levels to watch
The price of Dogecoin is fluctuating in a symmetrical triangle. The price is close to the key expansion point around $0.163.
If Dogecoin breaks out of this level, the price may rise sharply. The Stochastic RSI is at a neutral level, indicating that it is neither overbought nor oversold.
The MACD indicator shows that the lines are close together, indicating that sideways movement is possible before a clear trend direction is determined.
This consolidation pattern suggests that Dogecoin may continue to trade sideways in the short term.
Market sentiment, as measured by the long/short ratio, is negative, suggesting that bears are in control in the short term as prices correct the gap.
Technical indicators suggest a possible consolidation phase, while on-chain data shows stability but reduced activity.
Investors should keep a close eye on the $0.163 level for any breakout. If the resistance is breached, prices are expected to rise.
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