Dogecoin Price Analysis: Overhead Supply Puts DOGE Price at Risk 8% Drop; Keep Holding?

In response to broader market choppiness, the Dogecoin price has been moving sideways for over a week. The multiple short-body candles in the daily chart reflect indecisiveness among traders and no sign of a potential rally. However, the formation of a falling wedge pattern keeps the ongoing correction phase intact and threatens. By the press time, the Dogecoin price traded at $0.0735, with an intraday gain of 1.02%. The daily candle showcasing a long-wick rejection at the trendline reflects the sellers defending this resistance and increasing the possibility of a bearish reversal and resumption of a prevailing correction phase.

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