Dogecoin (DOGE) price displayed a falling wedge pattern after the crypto market correction.

The cryptocurrency field has undergone major liquidation events that resulted in over $450 million worth of assets being sold over the previous day.

Cryptocurrency prices displayed a mixed direction on Wednesday evening in Asia. Gains in Polygon and Shiba Inu were offset by losses in Bitcoin and Ethereum.

Shiba Inu Price Above Key MA

Shiba Inu prices rose, extending gains for a fourth consecutive session. The token's price remained above the 200-moving average (MA) on the Relative Strength Index (RSI) at 50. This suggests that the token could continue to see some buying pressure in the near term.

Polygon Set For Further Gains?

Polygon prices also rose, continuing gains for a third session. The token's price was also above the 200-MA on the RSI at 50, indicating that the token could see further gains in the near term.

Bitcoin, Ethereum Prices Down

Bitcoin prices fell, extending losses for a third session. The token's price was below the 200-MA on the RSI at 50, suggesting that the token could continue to see some selling pressure in the near term.

Bitcoin miners sold a record amount of coins in May, as per blockchain data from Glassnode. The hash rate also fell to its lowest level since March 2023.

The decrease in Bitcoin has sparked anticipation for the upcoming U.S. inflation figures. High values could put pressure on the Fed to maintain high interest rates, thereby impacting the cryptocurrency market.

According to crypto analytics firm Cipher Real Estate, over $450 million worth of assets were liquidated in the past 24 hours. This liquidation event follows the crypto market correction.

Further Down Moves

Dogecoin (DOGE) transactions reached 41,132 in the past 24 hours, according to crypto analyst Ali. The average transaction fee was 0.534 DOGE, which translates to about $3,900 at current market prices.

This week, Dogecoin transaction fees showed significant shifts in value. The network activity information provides a crucial insight that influences how investors perceive the token in the market.

Dogecoin price has been forming a Falling Wedge pattern on the 4-hour chart. This technical pattern suggests that the price could continue its downward breakout, potentially reaching lower price levels in the short term.

Currently, DOGE is facing resistance at the $0.18 level, while support is located at $0.15. The price movement within the Falling Wedge indicates that there may be a gradual decline before a potential reversal, but this remains uncertain without further confirmation.

At the time of writing, the DOGE price is trading at $0.1709, showing a 5% decrease over the past 24 hours.

Relative Strength Index (RSI)

The RSI is approaching the oversold region as it hovers around 33, indicating strong bearish momentum and oversold market sentiment.

Moving Average Convergence Divergence (MACD)

The MACD shows signs of a weak bullish crossover, which suggests that bearish momentum is still active. A possible reversal may begin when the MACD Line crosses above the Signal Line.

Key Levels To Watch

The immediate resistance stands at $0.18, while the support level is at $0.15. If the Dogecoin price prediction breaks below the support, further decline could be expected toward the $0.14 range.

And if bears mount with strong sell, of could lead to a DOGE price decrease to $0.1 in the near term. On the other hand, a successful breakout above the resistance could lead to a return to the $0.2 area.