Dogecoin Retesting Ascending Triangle's Apex, Despite Market Downturn — Analyst Urges Against Selling or Shorting the Meme Coin

The doggy-themed meme coin started the week bullish, surging to an intra-week high of $0.3989. However, the token has retraced over 12% from this peak and

Dogecoin price analysis shows a potential recovery from current support levels. After joining the broader crypto market downturn, Dogecoin price dropped to an intra-day low of $0.3340 on January 10.

Despite the retracement, Dogecoin price is still up over 200% from its 2023 opening price of $0.11. A key resistance zone lies ahead, and breaking through it could lead to a 182% surge from Dogecoin's current all-time high.

Dogecoin price began the week on a bullish note, surging to an intra-week high of $0.3989 on January 4. However, the token has retraced over 12% from this peak and almost relinquished last week’s gains.

This occurrence countered speculation that Dogecoin would soon outdo both Bitcoin and XRP. But a notable analyst has advised against selling or shorting the meme coin.

Relative Strength Index (RSI) indicates that Dogecoin price is approaching oversold territory. In bear markets, this often precedes a short-term price rebound.

However, if Dogecoin price closes a 12-hour candle below the 0.3435 support level, it could invalidate this analysis and open up lower support levels.

Dogecoin price analysis is bullish despite the token’s correction from last week’s intra-month high at $0.3989. A crucial support level has been identified by analysts.

Dogecoin price is currently retesting the apex of an ascending triangle, a bullish chart pattern. Moreover, the largest meme coin by market cap is facing a crucial support level, according to Trader Tardigrade.

His analysis suggests that Dogecoin’s recent dip is not a sell signal. In fact, theあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあたあた