After facing rejection at the Channel Top, DOGE has been retracing, revisiting the Channel Bottom. It has successfully found support at 0.06, sparking conversations among enthusiasts and investors. Some community members have noted that the price hasn’t generated a substantial upside since finding this support, leading to varied predictions and analyses.
Currently, observations indicate that DOGE is forming a Lower Low on price and a Higher Low on the Relative Strength Index (RSI). This development suggests that a new Bullish Divergence may be in the process of forming. Part of the community is optimistic about this development, believing that as long as DOGE maintains the Channel Bottom as support, this Bullish Divergence could play out well, enabling the price to revisit the Channel Top over time.
Macro Consolidation Within the Channel
Macro-wise, DOGE is consolidating inside this Channel until further notice. Various entities and platforms involved in cryptocurrency trading and analysis closely monitor this consolidation phase. The discussions revolve around the potential outcomes of this consolidation and its impact on the future value of DOGE. Others are cautiously observing the market movements, waiting for more definitive signs of recovery before making any predictions or investment decisions.
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The possibility of DOGE revisiting the Channel Top is a topic of keen interest. The community is divided, with some anticipating a positive outcome from the current developments while others are adopting a more cautious stance. The discussions and debates continue to evolve as DOGE navigates through the market fluctuations, with many keeping a close eye on its movements and potential trajectory.
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The post Dogecoin (DOGE) Consolidates After Facing Rejection at This Top Resistance Point appeared first on CaptainAltcoin.
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