Dogecoin (DOGE), one of the most talked about meme coins as well as the crypto token in the year 2022 is still facing a downtrend. It was back in June 2022 when DOGE had reportedly entered the symmetrical triangle.
Despite the bullish trend since the beginning of 2023, the asset has found it difficult to make it out of the symmetrical triangle.
Constant Struggle to Breakout of the Symmetrical Triangle
Ever since the year began, the investors have attempted to increase their buying power to break out of the symmetrical triangle.
Although the bulls have made several attempts, all of them were rejected throughout the month of February. As the asset kept facing rejections, it was not able to demonstrate a significant movement.
The most rejection that Dogecoin witnessed was back on February 22. As a result, the trading price of Dogecoin has continued moving in a downward direction.
RSI Movement of DOGE
Due to the constant downward movement, the relative strength index has also faced a decline. The asset price has continued facing a decline and the situation is still looking bad for the meme coin.
As the value of the asset keeps on getting dragged downwards, the trading price of DOGE may witness stronger selling sprees. These selling activities may continue pulling down the trading price of DOGE.
With the bears constantly increasing their selling power, the RSI may continue steering in the negative direction as well. This would eventually pull the asset’s trading price to a lower figure.
At the moment, the trading price of DOGE is moving downwards, and it may soon hit a support level of $0.067.
What does the Triangle Pattern Pose?
Even though DOGE is currently facing a downtrend in the triangle pattern, it does not mean that the particular pattern poses a bearish trend.
Instead, the triangle pattern is neutral in nature, which means that the trading price of the asset may either move upward or downward.
The analysts are now expecting that the asset may either witness a breakdown or a breakout from the current trading levels. Both possibilities are in place as long as the triangle pattern is intact.
Therefore, both sides can contribute to the trend and try to move the trend to their side.
No Positive Factors to Support DOGE
It may be true the triangle pattern poses no threat to either of the sides. However, it is important to mention here that there is currently no external or internal positive factor that can help push DOGE’s price higher.
One of the major factors for Dogecoin was always an update or tweet from the one and only Elon Musk. He has a habit of making announcements in favor of Dogecoin that help bring in rallies and investments toward the asset.
Turns out, Elon Musk has not been in touch with the DOGE community lately as he is trying to bring Tesla back on its feet.
With no positive comments or teases coming in from Musk about DOGE, the price of the asset is experiencing no significant push.
Then comes any positive news or update from within the Dogecoin community. There can be any announcement pertaining to Dogecoin’s partnerships or protocol upgrades.
These kinds of updates have the potential to bring in strong rallies for the asset as well. Turns out, no updates have been shared within the Dogecoin community to push the asset’s price lately.
Future Situation of DOGE
At the time of writing, the trading price of DOGE is sitting at $0.072, which is a bearish level for the asset.
Despite being in the negative territory, no positive rallies are expected to push DOGE’s price higher. If the bulls do manage to must up strong buying power, they may succeed in pushing it over $0.074 and then $0.092.
On the other hand, if bearish sentiments weigh in, the trading price of the asset may plunge to $0.065.