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Breaking News: SOL Strategies: The First Solana Treasury Company Listed On Nasdaq

Dogecoin Price Displays Bearish Chart Pattern, These Levels Are Key Now

Jake Simmons
Jake Simmons
2 years ago
2 mins read
Dogecoin DOGE

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The initial hype surrounding an integration of Dogecoin on Twitter has flattened out in recent months. After DOGE climbed to near $0.16 in late October due to Elon Musk’s Twitter acquisition, the price has been mainly bobbing around below $0.10 this year, while the price is now facing further losses.

A look at the 4-hour chart of Dogecoin (DOGE) reveals that the price formed a bearish chart pattern, namely descending triangle pattern. Since February 16, the Dogecoin price has repeatedly bounced off the descending triangle pattern resistance line.

Dogecoin DOGE price
DOGE price formed a descending triangle, 4-hour chart| Source: DOGEUSD on TradingView.com

Until now, the bulls have managed to defend the support line at $0.08, however, they have consistently run out of steam, indicating a drying up of demand at the higher levels.

If the bulls manage to manage a breakout from the bearish chart pattern, $0.0830 would be the first resistance. Since DOGE fell below this level on February 24, the bulls have failed to push above this mark.

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If a breakdown below the support line at $0.08 occurs, the February 25 low at $0.7854 could serve as an initial support. Once this price is breached to the south, the support area at $0.075 would be crucial, as a look at the higher time frame, the 1-day chart reveals.

Should the aforementioned price level also fall, the $0.065 region would be the last line of defense for the bulls before Dogecoin is in danger of falling below $0.06.

Dogecoin DOGE price
Dogecoin price, 1-day chart | Source: DOGEUSD on TradingView.com

On-chain Analysis Confirms Critical Moment For Dogecoin

The importance of the $0.075 price level is also highlighted by on- chain analyst Ali Martinez in his latest tweet. According to Martinez, this price is the key support as 44,000 addresses hold nearly 34.04 billion DOGE in this area.

Dogecoin’s key resistance area, according to the In/Out of the money around price analysis, is at $0.086, with 92,000 addresses holding 13 billion DOGE.

Dogecoin on chain analysis
Dogecoin In/Out of the money around price | Source: Twitter @ali_charts

Even positive news have not been able to boost the Dogecoin price recently. The meme coin was listed on the largest Philippine crypto exchange Coins.ph yesterday. The exchange is also one of the oldest crypto trading platforms on the island nation, offering purchases via fiat currency (Philippine Peso).

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Dogecoin Moves Close To Support level, Will The Bulls Defend This Mark?

2 years ago

Moreover, Dogecoin was recently added as a payment option at Unstoppable Domains. The company offers user-owned blockchain-based domain names that replace cryptocurrency addresses with human-readable URLs.

Dogecoin’s strongest price catalyst, Elon Musk, has not tweeted any genuine intentions regarding DOGE in recent weeks, except for a few funny memes. In this respect, the Dogecoin price remains seemingly dependent on the endorsement by Elon Musk for the time being, and a possible integration on Twitter, which is not yet in sight.

Featured image from Kanchanara / Unsplash, Chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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