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Dogecoin’s (DOGE) price action over the last 24 hours shows that the coin has been making lower lows at each peak. This could be seen as a symmetrical triangle pattern, which is typically a sign of consolidation before the price either breaks above or below the range.
At press time, DOGE price has dropped slightly to around $0.07524, down 0.83% in the last 24 hours. The near-term technical indicators suggest a possible pullback in the upcoming hours.
The relative strength index (RSI) is currently at 38.16, which indicates that DOGE is on the brink of forming a bearish divergence. The MACD has also started to move lower after reaching above zero.
Meanwhile, the 20-day exponential moving average (EMA) is still holding strong at $0.07439, suggesting a possible bounce off this level in the upcoming hours. If DOGE manages to break past the $0.07550 resistance level and stay above it, we could see it continuing its upward trajectory towards $0.80. However, if it fails to break past this resistance level, a minor pullback could be seen in the upcoming hours.
Looking at further technical indications, Dogecoin seems to be forming a bullish flag pattern on the 1-day chart. The breakout from this pattern could signal a further upside in DOGE’s price. A bullish reversal on the RSI could also be seen if DOGE manages to break above the $0.07550 resistance level.
At this point, traders should pay close attention to any pullback that could potentially occur. If DOGE manages to hold above the $0.07550 resistance level, we could see a strong move towards $0.80 in the medium term. Otherwise, if the digital asset fails to break past this level, a minor pullback could be seen in the upcoming hours. Overall, DOGE looks as though it is poised for more upside following its recent rally toward s$0.80.
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