DOGE prices fail to sustain a bullish rally and consolidate as the bearish influence grows gradually. So, should you expect a downtrend continuation?

Key technical points:
<ul>
 	<li style="font-weight: 400">DOGE price consolidates between $0.093 and $0.085.</li>
 	<li style="font-weight: 400">The bearish influence on consolidation warns of a double top pattern. </li>
 	<li style="font-weight: 400">The 24-hour trading volume of Dogecoin is $633 Million, indicating a slight fall of 0.63%. </li>
</ul>
<h2>Past Performance of DOGE</h2>
<a href="https://www.cryptoknowmics.com/news/after-dogecoin-doge-1-year-anniversary-of-attaining-all-time-high-what-next/">DOGE</a> prices break under the crucial psychological support level of $0.10 after a bullish failure to surpass the $0.1160 level. The reversal rally cracking under the psychological milestone takes support at $0.070, resulting in a 35% within 48 hours. However, the long-tail formations at $0.070 provide a launchpad for a bullish reversal that tests the $0.0934 mark. 

<img src="https://s3.tradingview.com/snapshots/e/EWRxRCwy.png" alt="TradingView Chart" />

Source-<a href="https://www.tradingview.com/x/EWRxRCwy/" target="_blank" rel="nofollow noopener">Tradingview</a>
<h2>DOGE Technical Analysis </h2>
The formidable selling pressure growing over the market influences the DOGE prices under consolidation and forms a double top pattern. However, the resurgence of lower price rejection with long-tail formations provides a bullish reversal opportunity.

The overall trend remains bearish for Dogecoin, evident by the descending alignment of the 50, 100, and 200-day EMAs providing resistance to bullish attempts. 

The sharp reversal in RSI values from the oversold territory trends higher, with the yellow line representing the 14-days average. Moreover, the RSI reflects a bullish divergence in the last two dips at $0.085, increasing the chances of reversal. 

The MACD indicator projects a bullish reversal trend in the fast and slow lines growing weak and old as the bullish spread decreases. This increases the chances of a bearish crossover representing trend reversal and will start a new negative trend in MACD histograms.

In short, the DOGE technical analysis depicts a highly volatile trend trapped under the consolidation range.
<h2>Upcoming Trend</h2>
Considering the bullish divergence in the RSI increases the bullish support for DOGE, the market value for Dogecoin will outgrow the consolidation range. Therefore, the breakout rally can target the upcoming psychological resistance at $0.10. However, a bearish breakdown rally can retest $0.065 after breaching $0.075.

Support Levels: $0.075 and $0.065

Resistance Levels: $0.10 and $0.116

DOGE Technical Analysis: Will The Memecoin Sustain Reversal Rally?

DOGE prices fail to sustain a bullish rally and consolidate as the bearish influence grows gradually. So, should you expect a downtrend continuation?

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

DOGE Technical Analysis: Will The Memecoin Sustain Reversal Rally?

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