DOGE Technical Analysis: Rising Trend Fails Within Consolidation

The DOGE Technical Analysis shows a rising trend within a consolidation range, dropping below the support trendline. Will this fallout break the field? The DOGE price action shows a bullish trend within a consolidation range, challenging the overhead resistance level of $0.065. However, the declining trend in trading volume during the retracement to support the trendline increases the reversal possibility. So, will Dogecoin rise again above the trendline? Key Points: The Dogecoin price action shows a retracement to the support trendline. The hopes of an early bull cycle in the stochastic RSI indicator rise as the VI lines close. The intraday trading volume in Dogecoin is $163 million. Source – TradingView DOGE Technical Analysis As we mentioned in our previous analysis, the DOGE price action displays the consolidation range between $0.057 and $0.065 for a month. However, the recent increase in bullish momentum leads to a rising trend generating the support trendline within the consolidation range. Additionally, the declining trend in the trading volume during the retracement to the support trend line increases the possibility of a bullish re-launch. However, the current daily candle displays a 3.15 % drop in market value to break under the support trendline. If the selling pressure grows over the days, the Dogecoin market price will drop to the bottom support level of $0.057. However, traders hoping to capture the downfall mus...