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Dogecoin's Price Channel Points to Potential Drop

Dogecoin (DOGE) has gained 4.18% against the US Dollar in the past 24 hours, according to CoinMarketCap.

Dogecoin Logo
Dogecoin Logo

Its weekly performance has also flipped to positive, with a current standing at +3.85%. Currently, DOGE is trading at around $0.07484.

Since the end of 2022, DOGE's price has been in an ascending channel, marked by higher highs and higher lows. Several attempts, both bullish and bearish, have been made to break out of the channel. Most recently, DOGE's price has been trading at the upper bound of the channel.

Technical indicators suggest that DOGE's price may drop in 24 hours. The RSI on the 4-hour chart is sloped negatively towards the oversold territory. This bearish thesis will be invalidated if DOGE's price closes above the resistance level of $0.07502 within 24 hours.