RLinda ! DOGEUSDT-> Consolidation. Expecting something serious

28 Feb 2023

DOGE is wedged within the boundaries of a strong consolidation, the price reacts weakly to BTC maneuvers, but at the same time the coin is in a local uptrend.

We have an uptrending price channel, with strong support and a floating resistance line, the price is trading below the liquidity zone, judging by the volume profile indicator, which shows pressure from the resistance on the price.
The descending triangle indicates bearish pressure on price.
DOGE has a high liquidity density below the support level, the coin reacts to the news with purely bullish momentum, but now it looks like the price will test the support to grab the liquidity.

There is a possibility of two scenarios:
The first one is simple - a breakdown of the downside resistance followed by a bullish momentum formation towards 0.10800.
The second one is more complicated - breakdown of support, capture of liquidity. Perhaps price decrease to the area of 0.0658, rebound and bullish entry to the support line with the subsequent growth to 0.1000.

Regards, R. Linda!