The price analysis for Dogecoin, or DOGE, the leading meme cryptocurrency in terms of market capitalization, bounced back from the 50% drop at $0.14 last week. This rebound came after Bitcoin (BTC) surpassed the $65,000 resistance level on Monday, causing a broader market recovery. It remains to be seen if this post-halving rally will propel Dogecoin’s price above the $0.2 mark.
Will DOGE Price Reversal Surpass $0.2?
During the week when Bitcoin underwent its fourth halving, the Dogecoin price experienced its lowest point in its recent correction phase. This low occurred where the 50% Fibonacci retracement level and the support of $0.14 intersected. Since then, renewed interest in Dogecoin has driven up its price by over 12%, making it now trade at around $0.158.
If the buying pressure continues, the DOGE price could increase by another 10%, potentially overpowering the downward trendline that caused the recent correction. A successful break above this trendline would indicate the end of the correction phase and encourage more buyers to push prices even higher.
A post-breakout rally could chase a potential target of $0.2, followed by $0.22.
Analyst Highlights Key Technical Pattern for Dogecoin’s Bullish Outlook
Famous cryptocurrency analyst Alicharts has posted an engaging chart prediction for Dogecoin online, suggesting a possible direction for the digital coin. Based on his examination, Dogecoin has recently escaped from a descending triangle configuration on the price chart, which is typically viewed as a bullish symbol by traders.
Dogecoin is exhibiting its typical behavior yet again! The price of $DOGE is presently gathering strength following a rupture from a descending triangle formation.
Based on past trends, we might just see #DOGE rocket towards $1 in the coming weeks!
— Ali (@ali_charts) April 21, 2024
According to historical data, the price of DOGE has followed a specific pattern prior to two strong market rallies. If this trend holds true, it’s possible that Dogecoin could experience a sharp increase and reach the $1 mark within the next few weeks.
Technical Indicator
- Exponential Moving Average: The DOGE price rebounded from the 100-day EMA slope, indicating the border on this asset remains bullish.
Relative Strength Index: The daily RSI slope reverted to a neutral zone reflecting a positive shift in market sentiment.
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2024-04-22 19:49