After Forming This Bullish Pattern, Dogecoin May Head in This Direction to $0.20

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Last Updated on November 6, 2022 by Bitfinsider

After a remarkable 140% ROI from 25 October to 1 November, the recent bull run supported purchasers in converting the $0.111 level from resistance to support. In the interim, the $0.14 ceiling brought the string of green candlesticks to a halt.

Image from TradingView

In addition, the price movements over the last few weeks have drawn a bullish pennant. Any breakout above the pattern could put the coin in a position to rise.

A persistent movement above the pattern could expose DOGE to a move to the $0.17 area in the near future. A breach of the $0.14 ceiling can reestablish the upside potential.

In general, up-breakouts in pennants are more probable when volume is rising. In this instance, though, the volume trended downward. Consequently, any near-term declines could continue to find support in the $0.111 range.

The Relative Strength Index (RSI) fell marginally from the overbought level but remained over the 70-level. Any index reversal could reduce the purchasing pressure.

The dog-themed cryptocurrency’s Open Interest on all exchanges increased by more than 8.5% over the past 24 hours. Consequently, DOGE had a 24-hour price increase of over 5%. This reading reinforced the futures market’s optimistic bias.


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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