When will we see an increase in the price of Dogecoin?

The price of Dogecoin (DOGE) is showing consolidation above a significant support area, indicating bullish signals on the short-term horizon.

The DOGE price has been trading inside a symmetrical triangle since June 2022, which has caused several rejections in February, the latest being on the 22nd (marked in red).

This rejection suggests a bearish move in the current period.

Additionally, the daily Relative Strength Index (RSI) indicator is below 50 and decreasing, indicating a bearish trend for the digital currency.

Therefore, a drop to the triangle's support line is expected, where the current support line is at the price range of $0.067.

As the triangle represents a neutral pattern, a breakout and breakdown from the triangle may occur.

On the other hand, the Dogecoin community has not reported any news related to the digital currency, and the largest supporter of Doge, Elon Musk, has not written about any trends for the currency.

Has the corrective path for Dogecoin been completed?

According to the technical analysis of the 6-hour chart, it may indicate a future movement of the currency.

If the price of Dogecoin completes an ascending movement of five waves (black), followed by an ABC corrective structure (red), the current low reaches $0.072, approaching the A:C ratio of 1:1, which is the most common ratio in corrective paths.

In addition, it is located in the horizontal support area of $0.074, which may indicate a decline.

The Relative Strength Index (RSI) for six hours may show bullish divergence (green line), supporting the possibility of a digital currency rebound, which may occur during the next day.

The movement of the Dogecoin determines the future path of the currency.

When this happens, the price of Dogecoin may rise to the current descending resistance line since January.

This may determine the future path of the digital currency, as a breakthrough may lead to an upward movement towards $0.092, while a rejection may result in another test of the support area of $0.074.

If the price of Dogecoin falls below $0.074, it may decrease to $0.065.

Therefore, the price expectations for DOGE are a rebound towards the current descending resistance line.

Closing below $0.074 may invalidate this bullish assumption, and may cause a decrease to $0.065.