Dogecoin Faces Triangle Rejection: Is a Drop to $0.11464 Next?

Key Insights:

• Dogecoin faces rejection at the descending triangle apex, raising chances of a drop toward $0.11464 support.
• Weekly chart forms bullish divergence, showing RSI strength while price posts a lower low pattern.
• Traders observe mixed signals across timeframes as short-term weakness contrasts with possible long-term rebound.

Dogecoin is showing mixed signs across different timeframes. On the 4-hour chart, it faced rejection at a key pattern. Weekly data hints at possible strength building. This has left traders watching closely for the next move.

At the time of writing, Dogecoin is priced at $0.121228. It is down 1.05% in the last 24 hours. The 24-hour trading volume stands at $1,282,006,864. This shows active trading, though the slight price drop reflects caution among traders.

Triangle Rejection Suggests Bearish Pressure

On the 4-hour chart, Dogecoin retested the apex of a descending triangle. Trader Tardigrade highlighted that Dogecoin has retested the apex of a descending triangle on the 4-hour chart. He noted that this retest was met with rejection, suggesting a bearish trend ahead.

Dogecoin has just retested the apex of the Descending Triangle, targeting $0.11464. A descending triangle often indicates selling pressure, which traders usually monitor the lower support line of the triangle.

If the price fails to break above the pattern and moves down, it can lead to further price drops. The current movement suggests that sellers could be gaining control again.

Weekly Chart Hints at Recovery

Despite the short-term rejection, the weekly chart shows a different story. Trader Tardigrade pointed out that current and past pullbacks look similar, with the structure, duration, and magnitude of the current and previous pullbacks being very similar. This may suggest the pullback has ended, and the price could move upward. 

The weekly candle closed with a bullish divergence. The analyst noted that this happens when price makes a lower low, while the RSI makes a higher low. It can point to weakening selling pressure over time. Dogecoin might completed its entire pullback and could propel itself to the next high.

Dogecoin’s current behavior continues to keep both bullish and bearish traders alert. While lower timeframe charts point to potential decline, longer charts offer a possible reversal. Many are now watching to see if $0.11464 will be tested soon or if a rebound may occur.