- DOGE Breaks Wedge, Eyes $0.1607 Resistance Next
- Active DOGE Addresses Rise 5% to 230,000
- Bollinger Bands Tighten, Breakout May Be Close
Dogecoin (DOGE) closed the April 19 daily candle at $0.147, placing it directly beneath a mid-term descending trendline that has held for over four months. This level is viewed as a crucial technical zone that could define Dogecoin’s near-term trajectory. While the daily price slipped 2.3% from its opening level of $0.1505, market interest increased, with volume rising 15% to 1.2 billion DOGE.
Divergence Across Pairs and Increasing Network Activity
Dogecoin’s closing price below the trendline on the DOGE/USD pair introduced caution, but sentiment appeared more positive on the DOGE/BTC pair. DOGE/BTC closed at 0.0000024 BTC, reflecting a 1.8% gain from its daily open of 0.00000236 BTC.
This difference between USD and BTC valuations points to diverging trader outlooks across markets, and may offer short-term arbitrage opportunities.Meanwhile, activity on the Dogecoin network has increased.
On-chain data showed a 5% rise in active addresses, reaching 230,000 on April 19. This increase suggests rising user engagement despite price resistance, which traders often interpret as a sign of growing market interest.
Falling Wedge Breakout and Key Resistance Levels
DOGE recently broke out of a falling wedge pattern that developed as price declined from $0.17 to $0.15. The pattern is typically associated with potential bullish reversals. DOGE is currently trading around $0.1560, slightly above the $0.1550 level that analysts consider a key support and retest zone.
Traders are now monitoring two resistance levels: $0.1607, a previous lower high, and $0.1670, the wedge apex and origin of the downtrend. A strong move above these levels, particularly if backed by rising volume, could invalidate the recent correction and set the stage for a recovery toward the April 14 high near $0.17.
The RSI for DOGE stood at 45 on April 19, reflecting neutral momentum, while the MACD confirmed a bearish crossover. At the same time, Bollinger Bands have narrowed, suggesting a breakout move may be nearing. As Dogecoin hovers just under the four-month trendline, traders are watching closely for confirmation of direction.
