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Assessing if Dogecoin is finally ready for a new price breakout on the charts
Dogecoin’s recent whale activity has raised questions about its potential to break out of its current downtrend. However, upon closer inspection, multiple challenges hinder the possibility of a strong breakout in the short-term.
At the time of writing, DOGE was trading at $0.2551 following a modest 0.10% increase over the past day. The cryptocurrency’s recent bounce from the key support zone around $0.25 may hint at some potential for short-term recovery. Nevertheless, it is crucial to consider other factors before making any decisive conclusions.
The chart analysis reveals that Dogecoin faced significant pressure due to a descending channel formation, which has been a bearish indicator throughout the past few weeks. This pattern suggests that bears are still in control of the market and may not be ready for a significant turnaround anytime soon.
Source: ambcrypto.com
