Dogecoin, one of the leading cryptocurrencies, continues its downtrend. The price, which was at $ 0.32 at the beginning of the week, saw $ 0.27 today. DOGE also retreated to $0.26 levels during the week.
While Elon Musk’s support for Dogecoin continues, investors are looking forward to the update to be made in the cryptocurrency. With the update to be made in Dogecoin, it is predicted that the transaction fees will be almost zero and the speed will increase greatly.
It is unclear when the update will be rolled out. The technical outlook for short-term traders of DOGE is as follows:
The price action, which is in the Harmonic CRAB Pattern formation in the medium to long term, is also in the descending wedge formation formation near the 4-hour oblique support line. If the resistance level of the wedge formation is broken with a voluminous candle and we see a candle closing above it, 0.3714 and then 0.43100 levels should be followed as a target. If the short-term decline continues, the 0.23314 main support zone will be tested for the second time. If reaction purchases start from this level, some increase can be observed again.
Dogecoin chart: DOGE/USDT, 4 hours