The DOGE Price Invalidates Breakout, Bearish Trend Expected
The DOGE price significantly declined last week, invalidating a previous breakout from a long-term descending resistance line. This invalidation is a strong bearish sign that could lead to a further decline. To maintain the possibility of a bounce, it is imperative that the DOGE price holds above $0.060.
Main Breakdowns:
- DOGE fell under a descending resistance line since reaching its all-time high in May 2021.
- After a bounce in June, DOGE seemingly broke out from the resistance line in July but failed to sustain the breakout.
- The resistance line has been in place for 833 days, indicating a strong level of resistance.
- The weekly RSI gives a bearish reading, confirming the illegitimate breakout.
- The daily timeframe offers a bearish price prediction, with a breakdown from an ascending parallel channel.
Hot Take:
The invalidation of the breakout and the bearish indicators suggest that the DOGE price is likely to continue its decline. Traders should closely monitor the $0.060 support level for any potential bounces. A breakdown below this level could lead to a significant drop in price.
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