Dogecoin Price: Triangle Pattern Hints at Uptrend Continuation
- 王林Original
- 2024-07-29 06:06:10863browse
Over the past four months, Dogecoin, the popular dog-themed memecoin, has experienced a steady downtrend, shaped by a wedge pattern with prices fluctuating between two descending trendlines.
Dogecoin (CRYPTO: DOGE) price experienced a minor decline on Sunday, easing the recovery gains seen earlier in the week. As it consolidates alongside Bitcoin, it has the potential to stabilize market sentiment and revive waning bull momentum for a stronger upside. Currently, Dogecoin is down 1.9 percent, approaching the lower support of the newly formed triangle formation, indicating a breakout rise.
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Dogecoin Price: Triangle Formation Indicates Continuation of Uptrend
Over the last four months, popular dog-themed memecoin Dogecoin has experienced a steady four-month decline shaped by a wedge pattern in which prices fluctuate between two descending trend lines. During this time, Dogecoin price crashed from $0.228 to $0.091, marking a significant 60 percent decline.
With the July market recovery, Dogecoin price jumped sharply and broke the resistance of the pattern on July 20, indicating a potential trend reversal and providing a solid foundation for a potential uptrend.
According to data from derivatives market data provider CoinGlass, a notable trend is observed in DOGE Futures Open Interest. Open Interest is now at $706 million, up from $492 million in July, representing a significant increase of 42 percent.
This increase indicates a growing interest and bullish sentiment among traders regarding Dogecoin's future market movements.
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Currently, the DOGE price prediction shows consolidation at a broken trend line and stabilizing before breaking again. A closer look at the four-hour chart shows that the price is moving within two converging trend lines, forming a triangle formation. Dogecoin is trading at $0.129 with a market cap of $18.8 billion. Based on this pattern, it could drop another 5 percent to retest triangle support.
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