Historical Patterns Hints Dogecoin Price May Target $1 in Upcoming Weeks
Dogecoin Price Analysis: DOGE, the largest meme cryptocurrency by market cap recently rebounded from the 50% retracement level at $0.14, following the completion of the fourth Bitcoin halving. On Monday, the BTC price reclaimed $65000 support triggering a relief recovery in the broader market. Will the post-halving rally bolster the Dogecoin price to surpass the $0.2 barrier?
Will DOGE Price Reversal Surpass $0.2?
Dogecoin Price| Tradingview
In the week of the fourth Bitcoin Halving, the Dogecoin price bottomed its current correction trend at the confluence of 50% Fibonacci retracement level and $0.14 support. The renewed demand pressure has uplifted the DOGE price by 12.2% within five days to currently trade at $0.158.
If the buying momentum persists, the DOGE price is poised for another 10% surge and challenges the downsloping trendline which led to the current correction trend. A successful breakout above this barrier will signal an end-of-correction trend and bolster buyers for higher rallies.
A post-breakout rally could chase a potential target of $0.2, followed by $0.22.
Also Read: Analysts Back Dogecoin to $1 With Traders Also Bullish On New Dogeverse Meme Coin
Analyst Highlights Key Technical Pattern for Dogecoin’s Bullish Outlook
Renowned crypto trader Alicharts has shared an intriguing chart pattern for Dogecoin, hinting at its potential trajectory. According to the analysis, Dogecoin has recently broken out of a descending triangle formation, a technical indicator that traders often interpret as a bullish sign.
#Dogecoin is showing its classic pattern once again! $DOGE is currently consolidating after breaking out from a descending triangle.
Based on past trends, we might just see #DOGE rocket towards $1 in the coming weeks! pic.twitter.com/dEWeVWLIHR
— Ali (@ali_charts) April 21, 2024
Based on historical trends, the DOGE price has exhibited this pattern on two previous occasions, each preceding significant bull runs. If these patterns continue to be reliable indicators, Dogecoin might be poised for an aggressive ascent toward the $1 threshold in the forthcoming 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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Filed under: News - @ January 1, 1970 12:00 am