The DOGE cryptocurrency is currently trading within a short-term neutral pattern, while also giving long-term bullish signals.
The famous meme coin created by the Dogecoin project has been steadily rising along an ascending support line since June 2022.
However, since November of the same year, the price has also formed a downward resistance line, resulting in a symmetrical triangle pattern, which is considered neutral.
Technical analysis of the daily timeframe shows that on April 3, the DOGE price made a bullish breakout from the symmetrical triangle, reaching a high of $0.105.
However, the price quickly rebounded from the Fibo resistance level of 0.382 retracement (white color) and fell sharply the following day, returning back inside the triangle.
Despite this setback, the daily RSI is still holding above the 50 mark, indicating a bullish trend.
As a result, another attempt at a bullish breakout is likely, with the recent news that Twitter brought back the old logo after Dogecoin enthusiast and new owner Elon Musk replaced the iconic blue bird with a Shiba Inu dog last week.
However, the editors of BeInCrypto have also warned that on-chain indicators signal a possible correction.
In contrast, the weekly chart gives bullish signals, with a recent bullish breakout of the 539-day descending resistance line.
Although the DOGE formed a long upper wick (red icon) last week, the weekly RSI is still above 50, providing a reason to expect another attempt to reach the $0.128 resistance area.
If DOGE breaks out of the short-term pattern, it may move up towards the long-term $0.128 level.
However, if the price continues to decline, the token may fall to the horizontal support in the $0.055 area.
Ultimately, it seems that DOGE’s most likely scenario is to break out of the short-term pattern and continue its upward trajectory towards the long-term bullish targets.