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?

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.

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.