Will the Descending Triangle for Dogecoin [DOGE] Precede a Range Reentry?
Dogecoin looks likely to reenter an important range after forming a descending triangle over the past three to four weeks.
A descending triangle is a bearish trend continuation pattern that increases the likelihood that price will break below the pattern.
With Dogecoin already trading at the bottom of this pattern, we are likely to see price reenter an important range for Dogecoin between $0.002 and $0.0023.
Price has already dropped into this range on the past five consecutive days but risen back above each time.
However, the longer price trades here, the more likely it become that price will reenter the range.
The range is an important one for Dogecoin. It was the point where Doge found support prior to undergoing a price spike in September.
Price also traded within this range for three weeks between mid-November and mid-December despite the rest of the market recording bearish drops.
The four-hour chart shows in closer detail how the price action of Dogecoin has been respecting the descending triangle pattern.
With the pattern approaching its end, it is highly likely that Doge will reenter its range over the coming days.
- Dogecoin is trading within a descending triangle pattern which is a bearish continuation pattern.
- The pattern is currently approaching its end making it likely that price will break below over the next few days. Price has already dropped below on the past five days but has risen back above on each occasion.
- A break below would result in Doge reentering an important range between $0.002 to $0.0023. Doge spent three weeks inside this range between mid-November and mid-December despite bearish movements taking place across the rest of the market.
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