Is Dogecoin’s recovery coming? Bullish indicators emerge
The post Is Dogecoin’s recovery coming? Bullish indicators emerge appeared on BitcoinEthereumNews.com.
Dogecoin has shown signs of recovery after a recent dip, with analysts pointing to bullish reversal patterns. A potential MACD crossover and RSI suggested a possible surge in Dogecoin’s price. Dogecoin [DOGE], the popular meme-based cryptocurrency, has seen a noticeable decline in its price over the past week, dropping by 5%. However, the asset was showing signs of recovery, with a 1% increase in the past day, bringing its trading price to $0.1008 at the time of writing. This marked a significant rebound from the lows of $0.096 recorded earlier this week. Technical outlook on Dogecoin Amid these price movements, several crypto analysts have shared their insights on Dogecoin’s future price action. Among them is the well-known crypto analyst Trader Tardigrade, who expressed a bullish outlook in a post on X (formerly Twitter). He pointed out a potential bullish reversal for Dogecoin, highlighting a “Diamond Reversal Pattern” on the DOGE H4 chart. According to Tardigrade, this pattern indicated that Dogecoin may have reached its bottom in the current downtrend. A bullish crossover in the MACD (Moving Average Convergence Divergence) is likely to happen soon, which could signal a strong upward move for the asset. Source: Trader Tardigrade/X The Diamond Reversal Pattern is a technical analysis chart pattern that signals a potential reversal in a security’s price trend. Typically, this pattern forms after a prolonged trend, either bullish or bearish, and resembles a diamond shape on the chart. The pattern begins with a widening price range that eventually narrows, forming a diamond. A breakout from this pattern, usually in the opposite direction of the prior trend, indicates a potential reversal. In the case of Dogecoin, the formation of this pattern suggests that the downtrend may be nearing its end, with a possible bullish reversal on the horizon. Another crypto analyst known…
Filed under: News - @ August 30, 2024 6:08 am