Dogecoin price analysis

Dogecoin

DOGE

tickers down

$0.07

has been correcting inside an ascending channel pattern for the past few days. Generally, in an ascending channel, traders buy near the support of the channel and sell near the resistance.

DOGE/USDT daily chart. Source: TradingView

If the price turns up from the support line, it will suggest that the sentiment remains positive and traders are buying on dips. The bulls will then attempt to push the price to $0.08 and thereafter to the resistance line of the channel.

Instead, if the price dives below the channel, it will suggest that the bears are back in the game. There is strong support at the breakout level of $0.07, but if this level gives way, the pair may drop to $0.06.

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