Dogecoin (DOGE) is exhibiting a correction phase since the beginning of May. The crypto coin traded sideways in the $0.071 to $0.082 channel and is currently near the lower trendline of a wedge pattern. This pattern could extend the bearish action further down, however, several lower price rejections accompanied by accumulation signals of the Relative Strength Index (RSI) hint a bullish upswing is possible in the coming weeks.
If the bulls manage to capture the trendline patterns, DOGE price will open up towards the upside targeting $0.082, $0.092, and $0.1045. The 20-day Exponential Moving Average (EMA) is providing a dynamic resistance position to the probable bull run price action. Currently, the Doge price is consolidating sharply near the $0.071 local support, looking for the opportunity to break out above the wedge pattern resistance. If the breakout happens, traders could anticipate a major price rally in the coming weeks.
Melanie Lee
- 2023-05-14
Dogecoin Showing Signs of Possible Bullish Uptrend
Dogecoin (DOGE) is exhibiting a correction phase since the beginning of May. Currently, the Doge price is consolidating sharply near the $0.071 local support, hinting that a bullish upswing is possible in the coming weeks.
![CandleFocus Dogecoin-Bullish-DogePrice-DynamicResistance-0.071](https://images.candlefocus.com/Dogecoin-Showing-Signs-of-Possible-Bullish-Uptrend.jpg)