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Highlights
- Dogecoin’s dominant downtrend established a falling wedge pattern, with a 71% breakout target.
- A MACD-sent buy signal backs DOGE’s bullish outlook.
- Dogecoin holders look forward to a potential bull run in 2024 as spot ETF buzz thaws.
After bears dominated the cryptocurrency market for the last three weeks, DOGE bulls are making a comeback on Monday alongside other top altcoins like Ethereum, Solana, and Cardano. Dogecoin price viciously defended support at $0.1 to prevent losses from paralyzing investors. This support is one of the reasons holders are buying the dip in anticipation of a move above $0.2.
Dogecoin has in the last 24 hours soared 4% to $0.1181, on top of a 9% increase in seven days. Based on CoinMarketCap data, the leading meme coin boasts $625 million in trading volume, up 6% on the day. The bullish outlook has been mirrored by the market cap’s 4% growth to $17 billion, securing DOGE as the ninth-largest cryptocurrency.
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Dogecoin Price May Never Go Below This Support
Dogecoin bulls vehemently defended lifeline support at $0.1, paving the way for the ongoing rebound alongside altcoin majors Ethereum, Solana, and XRP.
This support allowed DOGE to collect more liquidity aiding the upcoming breakout, expected to climb past $0.2 this week.
Although minor, the 4% increase in the price of DOGE reclaimed ground above the critical 20-day Exponential Moving Average (EMA) in blue at $0.1156.
The bullish thesis that bulls are struggling to nurture emanates from a buy signal sent by the Moving Average Convergence Divergence (MACD) indicator. This call to traders to increase exposure to Dogecoin longs manifested as the blue MACD line crossed above the red signal line.
Traders would be watching out for the indicator to climb above the neutral region backed by green histograms to validate the uptrend in the coming days.
A daily close above the 20-day EMA would gesture a stronger bullish comeback, readying Dogecoin price for a major rally.
2. Dogecoin Nurturing Potential Wedge Pattern Breakout
Seasoned traders appreciate that a falling wedge hints at a potential bullish reversal. It appears during a downtrend, with price action forming two converging trend lines (lower highs, lower lows).
The falling wedge validation comes from a breakout above the upper trend line, accompanied by increasing trading volume.
Traders capitalize on this breakout by placing a buy order slightly above the breakout point and a stop-loss below the wedge’s support line. All in all, proper risk management is crucial for profitable trading.
That said, Dogecoin’s upcoming wedge breakout could blast the top ten crypto by a staggering 71%. Such a move would obliterate resistance at $0.2, starting DOGE on the next phase of the rally to $0.3 and eventually to $1.
3. Optimism For Dogecoin Spot ETF and Bull Market
The approval of spot Bitcoin ETFs legitimized Bitcoin as digital gold, allowing institutional investors to invest via traditional stock exchanges. Bitcoin exploded to a new all-time high in Q1 majorly buoyed by the ETF news and subsequent uptake.
And with spot Ethereum ETFs likely to start trading in July, attention is fast shifting to other top altcoins—potential ETF candidates including Solana, XRP, Dogecoin, and more.
Dogecoin price prediction shows that should the token grind toward an ETF, the meme coin could soar to unprecedented heights, piggybacking the increased demand just like Bitcoin.
Moreover, the likelihood of a bull run erupting in the second half of the year cannot be underestimated, especially with Bitcoin now trading comfortably above $60,000.
Frequently Asked Questions (FAQs)
1. Where is Dogecoin price headed?
2. Can Dogecoin get a spot ETF?
3. Will Dogecoin continue to be the largest meme coin?
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