DOGE/BTC Moves Upwards By 4.75% After Multiple Descending Trendlines Since November 2022

March 10, 2023


The Dogecoin paired with Bitcoin pared some losses today; a day after prices of the DOGE/BTC pair fell to their lowest since October 2022. However, the pair prices reached 331 sats which is 4.75% upwards when compared to the previous day’s low of 316 stats.  The DOGE/BTC descending trendline seems to be the result of a falling wedge pattern.  Reportedly, the analysts consider the falling wedge a setup for a bullish reversal.

In the case of Dogecoin, the price of the coin wobbled around its decreasing wedge’s apex point where both its upper and lower trendline converge. The latest rebound from the lower trendline increased the possibility of testing the upper trendline for a breakout,

The rising macroeconomic ambiguity in the USA is considered a potential reason for Dogecoin’s potential price decline in U.S. dollars. In recent years, newsworthy events and Elon Musk’s backing, as well as expectations of a DOGE payment option on Twitter, drove the price of Dogecoin higher.

Musk, though, said on March 3 that he will be refocusing on artificial intelligence and away from cryptocurrency. Although the multibillionaire businessman didn’t directly mention Dogecoin, many believed that Musk may eventually disassociate himself from the sector.

After Musk’s post, Dogecoin’s price has decreased by more than 20%, to $0.06. On the other hand, a rebound from the area of support would cause DOGE’s price to rally and challenge the triangle’s upper trendline at about $0.076, resulting in gains of about 15% from the present price levels.

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