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Our bearish bias on DogeCoin is playing out exactly as predicted DogeCoin Is Getting Shattered! Sell Now?, and right now we are seeing the Altcoin form a converging triangle pattern on the 1-hour timeframe. This converging triangle pattern provides us with added precision for our entries, stop losses and take profits.
In this DogeCoin technical analysis, we will be talking about all these key levels of the converging triangle pattern forming right now on DogeCoin.
Added Bearish Confirmation!
The converging triangle pattern on the 1-hour timeframe is an added bearish confirmation for DogeCoin. If this pattern plays out, we can expect to see a massive breakout either to the upside or downside soon.
But since we are currently in a bearish trend, we will be looking to the downside.
The key level to watch is the $0.2380 support. A break below this price level signals the end of the ranging market and the potential for us to see a large drop in the DogeCoin price.
Bearish Targets.
Our bearish target for this converging triangle breakout is the $0.1839 region. This is a 25% loss in the Altcoin value, further confirming our bearish bias on DogeCoin
Final Verdict!
DogeCoin is still very bearish and we are only looking for selling opportunities on the Altcoin. The key level to watch is the $0.2380 horizontal support, a price break below this support signals the beginning of the DogeCoin sell-off!
More Trading Ideas
For more trading ideas, check out our technical analysis on Youtube. We talk about the key levels you should be watching right now, as well as what you might expect the Bitcoin price to do in the coming days.
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You can speed up your learning curve and shorten your learning journey by reading our How To Trade Bitcoin Guide. This guide is best for traders who are new to the crypto space and become pros in no time.
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