Dogecoin Price Analysis: Will DOGE Reclaim $0.15 Before June End?
Highlights
- The formation of a flag pattern amid healthy retracement hints DOGE price is poised for a strong reversal.
- A potential bearish crossover between the 20-and-200-day EMA slope near $0.129 creates a high supply zone.
- The 24-hour trading volume in Dogecoin is $857.5 Million, indicating a 10% loss.
Dogecoin Price Analysis: The ongoing correction trend in the crypto market took a halt on Tuesday as the Bitcoin price rebounded from the $60000 support. The 2.3% jump in BTC price sparked a fresh relief rally in the altcoin market especially in volatile assets like Meme coin. The Dog-themed memecoin DOGE is up 7.3% today developing a reversal pattern at a multi-month support.
Also Read: Bitcoin Price: Flag Pattern And On-Chain Data Signal Reversal To $88K Soon
Dogecoin Price Analysis: Flag Pattern and Double Bottom Indicate Potential Surge
Since late March, the Dogecoin price has witnessed a steady correction under the influence of flag pattern formation. The two converging trendlines acting as dynamic resistance and support have tumbled the asset value from $0.228 to $0.113 registering a 50%.
If the pattern holds true, the DOGE price is under a temporary pullback which allows it to replenish exhausted bullish momentum for a higher rally. As the selling pressure in the crypto market eased, this Dog-themed memecoin stabilized above the pattern’s lower trendline at $0.113.
An analysis of the 4-hour chart shows a double bottom pattern, at the aforementioned support. If the buyers flip the $0.129 resistance into potential support, the DOGE price could rise another 10% to target the overhead trendline at $0.14.
For buyers to regain better control over this asset, a sustainable breakout from the downsloping is needed. Doing so will signal the end of the correction pattern and bolster buyers to chase a potential target of $0.175, followed by $0.228.
On a contrary note, the correction trend will prolong until the two converging trendlines are intact.
Technical Indicator
- RSI: The daily Relative Strength Index rebounded at the 30% neckline of the oversold region highlighting the increasing buying pressure for this asset after a notable correction.
- EMAs: The 50W Exponential Moving Average slope adds a layer of support at $0.113 to prevent further correction.
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