DOGE suffers the same fate as other meme coins showing a large-scale correction. However, the revolting bulls indicate a strong possibility of a reversal.

Dogecoin is primarily used as a tipping system for Reddit or Twitter to encourage the sharing or creation of high-quality content. It is possible to earn tips by joining an online community that relies on cryptocurrency or purchasing tokens through a Dogecoin faucet.

A Dogecoin Faucet is a website that will provide you with an amount of Dogecoin to use as an initial introduction into the cryptocurrency in order that you are able to begin participating with communities.

Let us look at the Dogecoin technical analysis:
<h2>Past Performance of DOGE</h2>
DOGE coin price shows a 12% retracement from the $0.19 mark <a href="https://www.cryptoknowmics.com/news/tesla-accepts-doge-for-merchandise-dogecoin-gains-25/">after</a> a 20% jump from the $0.15 mark. However, the price can shortly find support near the $0.1640 mark that can try to halt the falling prices. 

The retracement after the bullish engulfing candlestick shows a reversal from the underlying bearishness. That is why traders need to be careful with their position sizing and risk management as the volatility increases.

<img src="https://s3.tradingview.com/snapshots/l/lpUc4OS3.png" alt="TradingView Chart" />

<a href="https://www.tradingview.com/x/lpUc4OS3/">DOGE/USD Daily Chart</a>
<h2>DOGE Technical Analysis</h2>
The DOGE price action shows a slight consolidation in the 4-hour chart, with the increased chances of a double bottom pattern. The neckline of the possible pattern stands at $0.17 and the breakout of which can generate a buying opportunity.

The DOGE price action in the daily chart shows crucial resistance levels at $0.19 and $0.23 levels. Meanwhile, the support levels are placed at $0.15 and $0.125 marks.

The RSI indicator at 39% showcases a fall in the slope from the central mark as it struggles to break above it from mid-November. Therefore, the slope remains within the nearly oversold zone reflecting a bearish influence. 

Furthermore, the MACD indicator shows a gradual rise in fast and slow lines while maintaining a mutual distance. However, the lines remain below the zero line mark. 

Therefore, the technical indicators showcase the bulls are revolting, but the selling pressure remains strong. Thus, resulting in a consolidation in the 4-hour chart.
<h2>Upcoming Trend</h2>
The DOGE coin price is facing solid selling pressure as most of the meme coins struggle to rise and show correction on a large scale. Therefore, the DOGE coin also suffers the same fate. However, the price action shows a revolt from the bulls to reverse the present trend. 

Therefore, traders need to wait for a breakout for a sniper entry. However, believers of the DOGE coin can hoard more tokens at a discount rate as a sudden tweet or a spark of interest from new big shot investors can result in a sharp price jump.

DOGE Technical Analysis: Bulls Fightback in DOGE, Aims to Gain Trend Control

DOGE suffers the same fate as other meme coins showing a large-scale correction. However, the revolting bulls indicate a strong possibility of a reversal.

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: Bulls Fightback in DOGE, Aims to Gain Trend Control

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