Can Dogecoin Price Recliam $0.08 Mark Amid Market Surge? – Crypto News – Crypto News
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Can Dogecoin Price Recliam $0.08 Mark Amid Market Surge? – Crypto News

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3 years ago

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Published 5 minutes ago

In the daily time frame chart, the Dogecoin price showed the formation of a rising wedge pattern, Using the pattern’s support trendline, this popular memecoin witnessed silent recovery in the past five weeks registering a growth of 37.6%. Will the chart setup lead to further growth in DOGE price?

Also read, Dogecoin Price Analysis: Will $DOGE Buyers Hold $0.06 Support As Market FUD Rises?

Dogecoin Price Daily Chart

  • A breakdown below the support trendline of the wedge pattern could tumble the $DOGE price by 20%.
  • The recently reclaimed 50-day EMA bolsters buyers to prolong the current recovery.
  • The 24-hour trading volume in the Dogecoin coin is $941.6 Million, indicating a 26% gain.

Dogecoin Price Source-tradingview

Amidst the recent recovery in the crypto market, the dogecoin price managed to rechallenge the upper resistance trendline of the wedge pattern. In theory, this pattern is a downtrend continuation pattern that offers a resting period for sellers to regain strength.

Until the two trendlines of this pattern are intact, the asset price is likely to resonate within them and extend a minor recovery. As of press time, the DOGE price trades at $0.0723 and shows a rejection candle near the upper trendline.

A possible reversal from this overhead resistance may plunge the price back to a lower trendline. However, a breakdown below the support trendline is needed to complete this pattern which could potentially push the prices to the $0.053 mark.

Will Dogecoin Price Retake $0.75 High?

Considering the bullish sentiment in the market, the Dogecoin price may witness a rare-case scenario of surpassing the upper trendline. This bullish breakout with a daily candle closing will accelerate the bullish momentum and surge the memecoin 21% higher to hit $0.083.

  • Relative Strength Index: The daily rsi slope above 60% reflects the bullish momentum that is growing.
  • Exponential Moving Average: The 200-day EMA slope aligned with $0.0748 creates a high supply zone.

From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian(at)coingape.com

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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