Dogecoin has returned to a previously tested range after reporting several false breakouts and breakdowns. Despite these moves, price action has now stabilized back within a familiar trading zone as a Diamond pattern comes into sight, hinting at a potential breakout.
Price action fluctuations within a defined band
DOGE moved out of range multiple times, but each breakout or breakdown failed to hold position. These repeated dips have defined the short-term movement, keeping Dogecoin within consistent levels.
A deeper view of this false movement indicates that DOGE has shown repeated false breakouts near $0.173 and $0.186 across two observed price ranges. Earlier, a false breakdown took place around $0.153 before prices returned to the initial level near $0.167. The pattern repeated with another false breakdown near $0.167, followed by a reversal back above $0.173.
Both ranges showed short-term traps, with price failing to hold as price action has remained between $0.167 and $0.186 after each reversal. The current structure shows consolidation just below $0.186 after the latest false breakout attempt.
DOGE charts show diamond pattern formation above trendline
However, the false movements are positioning for a potential breakout as a diamond pattern has formed. According to another analysis, Dogecoin is forming a diamond structure on the chart, positioned directly above its current ascending trendline. The setup appears after sustained movement within defined support and resistance levels.
Current positioning shows compression of price action, indicating reduced volatility before a possible change. The diamond structure emerged after price action narrowed above the trendline support. The market has maintained this position, showing no immediate reversal signs. This pattern has developed consistently, with each point respecting previous structural levels on the four-hour chart.
Dogecoin’s current price trajectory
Tracking the market performance of Dogecoin at the time of press, Dogecoin trades at $0.1742, showing a 1-day drop of 2.66%. The price earlier reached $0.1796 before gradually declining while volume over 24 hours fell 25.43% to $896.33 million.
The market cap decreased by 2.65%, standing at $25.97 billion. Circulating supply remains at 149.06 billion DOGE, with no maximum cap set. The trading pattern showed continuous lower highs throughout the day. The current price level of $0.173 marked the lowest point within the 24-hour chart range.
