Crypto News– Since October 2022, Dogecoin’s price has remained trapped within a multi-month downtrend, and it appears poised to make another attempt to tap into support at $0.045 before embarking on a potential recovery.
September 26 Dogecoin Price: Bearish Fractal Signals Another Dip
A closer look at DOGE on shorter timeframes reveals a highly volatile asset. However, when examining the long-term chart, it becomes evident that Dogecoin consistently struggles to break free from its enduring downtrend.
On Tuesday, Dogecoin’s price saw a modest 0.4% increase, reaching $0.061. Nonetheless, sellers persist in their efforts to erode the $0.60 support level, aiming to complete a bearish fractal down to $0.045. The weekly chart reveals a descending channel that encompasses Dogecoin’s price movement, indicating that the ongoing downtrend is far from over. With the channel’s support and resistance levels firmly in place, DOGE remains confined to a narrow descending range.
Rejection from the upper boundary of this channel has been a recurring pattern since October 2022. Bulls, on the other hand, are laser-focused on safeguarding the lower boundary at any cost.
The presence of a bearish fractal pattern reinforces the significance of the channel’s resistance and support levels, suggesting the possibility of another decline to $0.045 before Dogecoin sets the stage for its next major breakout. A fractal indicator serves as a tool for traders to identify potential trend reversals. Historically, whenever Dogecoin has touched the upper boundary of the channel, it has retraced back towards the channel’s lower boundary.
Elon Musk’s X and the Potential for DOGE Payment Integration
The Dogecoin community has been eagerly anticipating an indication from X, formerly known as Twitter, regarding their intention to embrace the use of the largest meme coin for transactions. X has been in the process of obtaining licenses to facilitate payments and transaction support, although it hasn’t explicitly stated its intent to incorporate cryptocurrency transactions.
Nonetheless, there is widespread speculation that Dogecoin could be one of the cryptocurrencies under consideration for enabling payments within X, the social blogging platform that aspires to transform into the comprehensive “Everything App.“
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