The above chart of Dogecoin (DOGE) laid out the descending triangle pattern. This pattern is often regarded as a characteristic of a bearish trend. It is formed by the upper trend line that connects the highs and a horizontal trend line connecting lows converges to form a triangle. If the price action breaches the lower support level, the bearish trend would be sustained.
Generally, a descending triangle pattern indicates the reversal of an uptrend or the continuation of the downtrend. Traders keenly look out for a significant breakout point.
Currently, Dogecoin (DOGE) is in the range of $0.09717. If the pattern continues, the price of DOGE might reach the resistance levels of $0.10765 and $0.16012. If the trend reverses, then the price of DOGE may fall to $0.06944.