- Dogecoin prices rose 125% on January 1st, 2021.
- Dogecoin witnessed a profit posting; which leads to the formation of the pennant pattern
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Dogecoin prices are below 22% from the all-time high of Jan. 1, 2021. The drop in prices created a pennant pattern on the chart with support at $ 0.008. If the coin breaks out of the pennant pattern, it can propel the coin up by $ 0.00588. 71% up, as a magnet for Dogecoin investments. The market cap and 24-hour volume are $ 1,074,021,771 and $ 106,786,697, respectively.
Pennant Pattern: Another SIP for Dogecoin Investing
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A pennant pattern a from posting profit in Dogecoin that is often done when cops refuse to give up their investments. This pennant pattern appears to find support at $ 0.008. If the coin breaks out of the pennant it can rise by $ 0.00588.
The coin is currently making Doji candles and signals indecision. The VWAP is trading at $ 0.00859 which is putting selling pressure on the coin.
The Bollinger Bands have contracted, indicating possible consolidation, often followed by a breakout or collapse. The lower band provides support at $ 0.00808 while the upper band and base act as resistance at $ 0.00988 and $ 0.008985, respectively.
Stochastics is currently in the oversold territory and the signal lines are still below the slow line. an indication of a further decline.
The MACD (8,21,5) triggered a sell-signal when the signal line crossed the slow line. Lines can drop all the way down to 0.0005 when the next support is in. Currently, the MACD lines are at 0.001 (slow line) and 0.0007 (signal line).
The ADX is currently at 13.66; a sign of an extreme trend. DI + and DI- interfere between 18 and 19 levels, the levels do not yet symbolize any significant buying or selling pressure in the coin.
Conclusion –
Dogecoin prices form a pennant pattern, suggesting that the cops may not want to end their Dogecoin investments just yet. A breakout from the pennant can add 71% to the coin or prop the coin down at $ 0.0075.
Support: $ 0.0075 and $ 0.0067
Resistance: $ 0.0106 (first target, length of pennant) and $ 0.0133- $ 0.014 (all-time high and length of pole)
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