The price of Dogecoin (DOGE) is slowly approaching a critical level that may shape its next significant move. According to a crypto analyst who closely tracks the meme coin’s price action, the reaction to this key level could form “separation,” a technical pattern often associated with major trend reversals.
Dogecoin Divergence Setup May Cause Next Move
On Tuesday, February 17, crypto market analyst NaBer shared new updates on Dogecoin in the post of X, who gives his latest information on the recent price action of the meme token. Specifically, he highlighted the key horizontal area around $0.10 on the DOGE chart, noting that this area will be his primary viewing area if he considers adding more to his position.
The analyst admitted that he already owns DOGE tokens at around $0.10 and presented a simple plan based on whether the meme coin could catch or make a difference. The one-week chart shared in the post shows Dogecoin price pressure above the long-term support band that served as resistance during earlier cycles. This support is marked by the green horizontal area around $0.07 and $0.10.
Interestingly, NaBer’s focus is not only on horizontal support but also on structure. The chart shows a sequence of low highs, with recent swing highs falling below previous highs. At the same time, the weekly candles are grinding to support, little by little a downward trendline pushing down from the right and price action tightens into a declining wedge against horizontal support.
While the Dogecoin price has been making new lows around the $0.10 support, i Relative Strength Index (RSI) on the chart is at 34.78, down from the previous reading of 37.22, indicating that pressure is low. NaBer said it wants to see potential divergence and, ideally, some Lower Time Frame (LTF) volume coming in, indicating that buyers are pulling supply in this range.
The commentator also made it clear that you intend take a closer look at the structure of ABC or LTF before making any aggressive predictions. He he agreed that an unexpected movement will be a sufficient guarantee of the formation of a division.
DOGE Bearish channel is turning Bullish
In his latest analysis of Dogecoin, crypto expert Trader Tardigrade said that the price of DOGE has officially changed from a bearish channel position to a station rise. According to him, the price of meme coin has just come out of it bearish structure and tested lower support below $0.083.
After this, Dogecoin entered a new bullish channel and is now trending higher within the lower highs and higher highs. Trader Tardigrade noted this price behavior as textbook change of habit. He said Dogecoin ended up changing, suggesting a possible price rally to $0.165.
Featured image from Peakpx, chart from Tradingview.com
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