The Dogecoin (DOGE) Price Falls After Reaching New High
The price of Dogecoin (DOGE) has dropped since reaching a new yearly high on December 11. However, there was a strong bounce yesterday, leading to the question of whether this marks the bottom or is just a temporary relief.
Dogecoin Deviates Above 365-Day Resistance
DOGE had been trading below a long-term horizontal resistance area since December 2022. It made several unsuccessful breakout attempts during this time. However, on December 6, it finally broke out and reached a new yearly high. Unfortunately, the price fell below the resistance this week.
DOGE Price Prediction: Can Price Regain Momentum?
While the daily time frame shows a negative outlook for DOGE, the six-hour chart suggests that the price may retrace its decrease. The price has been trading within a descending parallel channel since December, indicating that an eventual breakout is likely.
Yesterday, DOGE began an upward movement after bouncing at the support trend line of the channel and the $0.087 horizontal support area. If DOGE breaks out from its current position and reaches the next resistance at $0.095, it could increase by 12%.
Hot Take: Will DOGE See Further Upside Potential?
Despite the bullish prediction for DOGE’s price, if it breaks down from the $0.087 area and the channel, the correction could deepen and the price may fall by 23% to the closest support at $0.072.
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