Price Analysis

Can Dogecoin Price Recliam $0.08 Mark Amidst Market Surge?

The rising wedge pattern governs the current recovery in Dogecoin price. should you enter now?
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Can Dogecoin Price Recliam $0.08 Mark Amidst Market Surge?

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?

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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.

Source-Tradingview 

Amid 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. By the 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.

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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.
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Brian Bollinger

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

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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