Dogecoin Price Analysis: Last Pullback Before $DOGE Price Triggers 22% Rally?

Dogecoin Price Analysis: Contrary to the market leaders Bitcoin and Ethereum who prolong their correction phase, the Dogecoin price rides its recovery rally to higher chart levels. By press time, the Dog-themed memecoin trades at $0.077 registering a 45% gain within the last six weeks. In addition, the memecoin witnessed a significant inflow on July 25th and gave a massive breakout from the $0.075 resistance. Can this breakout prolong the recovery trend?

Also Read: ChatGPT Says Pomerdoge, Pepe And Dogecoin Will Be The Top Meme Coins In 2023 / 2024

Dogecoin Price Daily Chart

• A Dogecoin price could witness high demand pressure from the $0.075 support
• A bullish crossover between the 50-and-100-day EMAs may attract more buyers in the market.
• The 24-hour trading volume in the Dogecoin coin is $383.5 Million, indicating a 31% gain

Source-Tradingview 

The ongoing recovery rally in Dogecoin price gave a bullish breakout from the $0.0755 monthly barrier. The breakout candle backed by high volume indicates the buyer’s strong conviction to reclaim higher growth.

However, after making a high of $0.083, the coin price reverted and tried to retest the breached level as potential support. The daily candle today with long lower price detection indicates the buyers are defending the flipped support

With sustained buyers, the buyers could lead the recovery rally 22% higher to hit the $0.095 barrier.

[converter id=”doge-dogecoin” url=”https://coingape.com/price/converter/doge-to-usd/?amount=1″]

What is DOGE Price Loses $0.072 Support?

If the broader market sentiment continues to pressurize the Dogecoin price, the coin holders could witness a sideways above $0.072 or a breakdown below it. However, the buyers hold a rising trendline which offers dynamic support to buyers amid the current recovery. Until this trendline is intact, the traders can maintain their bullish sentiment.

• Exponential moving average: With the recent breakout, the coin reclaims the 200-day EMAs support offering an additional edge to long buyers.
• Directional moving index: A significant gap between the DI+(blue) and DI-(orange) slope in a positive crossover state indicates a strong momentum among traders.