Dogecoin Faces Downward Pressure After False Breakout at $0.176 Resistance

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  • DOGE faces downward pressure after failing to break through $0.176 resistance.
  • The Bearish Tweezer candlestick pattern signals a conceivable price decline for DOGE.
  • Dogecoin’s current price of $0.1665 reflects a 2.93% dip in the last 24 hours.

Dogecoin price movement reveals a bear-related candlestick pattern known as the Bearish Tweezer, indicating probable downward movement. This pattern follows a false breakout at the $0.176 resistance level, suggesting a lack of sustained bullish momentum.

Resistance Breakout Fails to Sustain Momentum

In Trader Tardigrade’s analysis, DOGE attempted to go through the $0.176 level of resistance, but experienced a false breakout due to the Bearish Tweezer pattern they identified. This pattern develops when after an up move, two candlesticks with similar highs occur, implying a bearish reversal. 

Source: Trader Tardigrade

With this failure to maintain the breakout, DOGE may now face downward pressure, leading to a test of lower support levels. Under current market circumstances, DOGE will likely drop to reach its prior support point of $0.143. The price action potentially stays bound in the $0.143 to $0.176 range. 

Potential for Breakout Above $0.176 Remains

Despite the current bearish sentiment, DOGE has the potential to break above the $0.176 resistance level if it gains sufficient momentum. For this to happen, the cryptocurrency must form higher lows just below the $0.176 mark. Building this momentum could pave the way for a more sustained upward movement, although the trend currently favors a potential decline toward $0.143.

According to CoinMarketCap data at the time of press, Dogecoin is trading at $0.1665, displaying a 2.93% dip over the past 24 hours. Its market cap stands at $24.72 billion, down by 2.88%. The 24-hour trading volume is $846.66 million, imaging a 38.58% drop. The fully diluted valuation is $24.73 billion. 

Source: CoinMarketCap

The coin’s volume-to-market cap ratio is 3.42%. The total and circulating supply of Dogecoin is 148.51 billion DOGE. Over the past day, the price fluctuated, reaching a high of $0.1716 and a low of $0.166. The chart shows a general downtrend with a slight intraday recovery.

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