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Highlights
- The 50D and 200D EMA wavering close to $0.128 resistance creates a high supply zone against buyers.
- The DOGE price needs a flag pattern breakout to escape the ongoing correction trend.
- The 24-hour trading volume in Dogecoin is $1.71 Billion, indicating a 69% gain.
The cryptocurrency market experienced a sudden surge in bullish activity on Friday during the U.S. trading hours. The Bitcoin price nearly surged 3% to hit $65890, while a similar momentum was recorded in the altcoin market. It seems the mid-week uncertainty allowed buyers to recuperate bullish momentum before the next leap. Amid the market uptick, the DOGE price forecast shows a 3% intraday jump and a potential breakout from a 4-month correction.
DOGE Price Forcast Hints 40% Rally Amid Flag Formation
The recent market recovery bolstered the Dogecoin price to bottom its prevailing correction trend at $0.0916. A bullish turnaround from this support has uplifted the asset 35% to trade at $0.123, while the market cap surged to $17.8 Billion.
This recovery pushed the asset above the 20D EMA signal, an early sign of reversal.
Additionally, Dogecoin has hit a significant milestone, now featuring 90 million addresses as reported by recent data from IntoTheBlock. This marked increase in the number of Dogecoin addresses underscores the growing interest and adoption of this popular memecoin.
Interestingly, the ongoing recovery in DOGE price is still within the channel of flag pattern formation. This bullish continuation setup led by two downsloping trendlines offers a temporary counter-trend move for bulls to replenish exhausted bullish momentum.
A bullish crossover state between the MACD (orange) and signal (blue) shows a renewed recovery sentiment in the market. With sustained buying, the DOGE price forecast shows a 5.5% rise before buyers challenge the key resistance trendline at $0.128.
This retest will be pivotal momentum for Dogecoin as a potential breakout from the flag resistance will provide bulls with suitable support to resume a bullish trend. The post-breakout rally may push the asset 41% up to hit $0.174, followed by $0.228.
However, a possible reversal could indicate the sellers have not thrown the towel yet and the correction trend will continue.
Key Takeaway
Amid the recent market recovery, the DOGE price prediction recorded significant growth in the past two weeks. However, the recovery still encapsulated with a flag pattern indicates the potential for further correction in not out. Along with the growth network activity, the rising coin price will have another opportunity to breach the trendline and escape the current correction.
Frequently Asked Questions (FAQs)
1. What does the number of addresses mean in crypto market?
2. Is DOGE at risk of further correction?
3. What is the current market sentiment towards DOGE?
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