Dogecoin price is searching for a path between resistance and support that will determine the future trend.
Signals on various timeframes do not yet provide clear answers, but the coming days will be decisive.
DOGE is not just a meme, it has become a real symbol of the cryptocurrency market.
According to technical analysis on the weekly chart, DOGE has been in the area of descending resistance since its high of $0.739 in May 2021. From there it began a decline that led to a low of $0.049 in June 2022.
Since then, Dogecoin has recovered and broken through the horizontal support at $0.060. But to move into a bullish trend, it needs to overcome the long-term descending resistance line, which has existed for 805 days.
Now the token is trying to cope with this line again, and we are about to find out what it is capable of.
🌐 Analysis on the daily chart also shows contradictory signals. On June 22, DOGE broke through the descending resistance line and tested its strength as support. This allowed it to return to the horizontal support at $0.065.
The RSI index has also crossed its bearish trend and is now above 50.
However, the problem is that DOGE was unable to overcome the 0.382 Fib retracement resistance at $0.073 and is now trading below it.
As such, DOGE continues to struggle with important resistance and support levels, making its future uncertain.
📈 Regarding the long-term forecast, if the market breaks through the long-term resistance, DOGE could easily reach the next resistance level at $0.15. While, if long-term horizontal support is broken, the price may fall sharply to $0.030.
It remains to follow the developments - an exciting leap forward is possible that will delight Dogecoin fans! 🚀