Dogecoin price approaches resistance level as analysts identify bullish patterns

Dogecoin is trading at around $0.07, down nearly 4% in the past 24 hours. Despite the recent fall, several analysts say the price chart looks positive. They have spotted a pattern called a bullish flag, which sometimes appears before a price rise. Analysts have also compared the current chart to a pattern from 2017, when Dogecoin gained over 9,000% in value. The first resistance level, where selling pressure often increases, is at $0.081. If the price passes that point, the next key level is $0.177. Support sits near $0.056. Trading activity has also grown, with open interest rising 7.3% last week. More traders on Binance have moved into long positions, meaning they expect the price to go up.