Since June 2022, the trading price of Dogecoin (DOGE) has continued traveling on the ascending support line. The data shows that it is a long-term movement that the largest meme coin has been witnessing.
Although the token had been moving in the ascending channel, it ended up hitting the resistance line, which was witnessed back in December 2022.
As a result, a symmetrical triangle was created, which ended up forming a neutral pattern for the asset.
Recovery from a Yearly-Low
It was on March 10, when the trading price of DOGE hit a yearly low. Dogecoin had fallen below the strong support line and things had turned bearish for the asset.
Just when the downtrend was recorded, the bulls started to push in with their strong buying power. This resulted in the recovery of the meme coin.
The data shows that the trading price of DOGE experienced an uptrend. It started to move in an upward direction.
The most significant part of the recent rebound is that the asset did experience some declines. Each time the DOGE price fell, the bulls were ready to increase their buying to push its price higher.
This is what has resulted in forming multiplying candlestick patterns for the meme coin in the recent trading session.
Despite the recent price pump, the RSI for DOGE is still below level 50. This means that not all the investors are currently moving in support of the bullish trend.
The investors might be waiting for DOGE to hit and move above level 50 before they start joining the bulls. The RSI moving over the midline would provide more confidence to the investors so they can enter the bullish trend.
Today was a Good Day
Due to the latest rebound, the price of DOGE was able to come close to hitting the $0.079 resistance level. However, the bulls did not have enough buying power to make it past the particular level.
The bears were able to push the bulls back, stopping them from hitting the resistance level and then crossing it.
This is the reason why not all investors are confident about the current situation of DOGE. They are not considering it to be a successful trend because the asset failed to make it past the resistance level.
The Trend is still not confirmed
The technical analysis for DOGE suggests that the token has fallen below the resistance. However, the descending movement of the token began back in February 2023.
For now, it is very important for the bulls to push DOGE back to $0.079 and make another attempt to breach the obstacle.
They will need to build up strong pressure in order to make sure that the price of DOGE makes it past that level. It is a strong resistance area so the rejection force would be tremendous at this level.
For now, the bulls will need to prove that they can handle the pressure coming in from the bears. Somehow, they will have to push the RSI over the midline, which may help in forming strong rallies.
If that happens, the trading price of the asset may start moving higher. The bears will not be able to reject the bulls anymore as they will build up strong buying rallies.
This would eventually result in DOGE getting pushed over the $0.079 mark. When the asset is over that level, things will become quite promising for the bullish trend.
More investors will join the trend, making it a huge success. The longevity of the trend will be increased and the asset will be able to hit higher trading levels.
With the trading price of DOGE getting pushed higher, it may end up getting pushed to a high of $0.110. If the bears fail to bring the bulls down from that level, then the DOGE price may surge even higher.