Doge Could Break Out Towards the Downside Soon

A symmetrical triangle pattern seen on DOGE's daily chart indicates a potential breakout in the coming days. However, the coin's recent failure to breach the $0.07195 resistance level and several technical indicators on the chart suggest that DOGE's price might experience a significant downward movement in the short term.

In recent days, the daily Relative Strength Index (RSI) has dipped below the RSI Simple Moving Average (SMA) line, indicating a weakening of buying momentum on DOGE's daily chart. Additionally, the daily Moving Average Convergence Divergence (MACD) line is approaching the MACD Signal line, hinting at the possibility of a continuation of DOGE's bearish trend. It is conceivable that DOGE's price could drop as low as $0.06450 before potentially extending its decline to the next support level at $0.05835.