Dogecoin Price Analysis: Is $DOGE Price Ready to Reclaim $0.08 Mark?

Dogecoin Price Analysis: Amidst the market sell-off on June 10th, the Dogecoin price printed a long-tail rejection candle in the daily chart. This rejection candle formed at the base support of the falling channel pattern indicating the presence of high demand pressure at lower levels. If the bullish momentum rises, this level could act as the start of a new recovery cycle and offer traders an opportunity to purchase this Dog-themed memecoin.

Also Read: London Basketball Club Lends Support to DOGE and XRP

Dogecoin Price Daily Chart

• The Dogecoin price witnessed a demand pressure near the $0.056 mark
• A breakout above the $0.063 resistance could trigger a relief rally in the DOGE price.
• The 24-hour trading volume in the Dogecoin coin is $187.9 Million, indicating a 0.97% gain.

Source-Tradingview 

For over a week, the Dogecoin price has remained flattish, trading in a narrow range below $0.632. This sideways action could be the disorder created due to the overall downtrend, the surge in buying pressure developed by discounted prices.

By the press time, the DOGE price trades at $0.062 with an intraday loss of 0.03%. The neutral candle reflects the uncertainty continuing among traders, indicating this sideways action could extend longer. 

However, a retest to the lower trendline of the channel pattern usually triggers a significant upswing back to the upper trendline. This potential reversal will offer long entry opportunity to traders with a potential target of $0.95

Will Dogecoin Price Poke $0.95?

Amid the current consolidation phase, the Dogecoin price respects two technical levels which are $0.063 and the lower trendline of the channel pattern. Under the influence of the chart pattern, the coin price is likely to revert higher to reclaim lost ground. However, interested traders must wait for the breakout of $0.063 immediate resistance to obtain an entry opportunity. The potential recovery could face selling pressure at $0.075, followed by $0.083 and $0.095.

• Bollinger Band: The bands of Bollinger band indicators challenged on the downside reflect selling pressure in the market is still active.
• Average Directional Index: The high value of ADX indicates instability in the current downturn and a higher possibility for a prolonged consolation to recovery.