Dogecoin Price Prediction As Emerging Bullish Pattern Signals a Rally to $0.1
Highlights
- The double bottom pattern drives the current recovery rally.
- The rising DOGE price may face supply pressure at $0.09 and $0.1 barriers.
- The 24-hour trading volume in Dogecoin is $204.5 Million, indicating a 21.45% loss.
Dogecoin Price Prediction: With Bitcoin price showcasing a weakening of bullish momentum at $52000, the majority of major coins, including DOGE, spark a new correction. From the last swing high resistance of $0.088, the coin tumbled 7% to hit a low of $0.819, This reversal backed up decreasing volume suggesting the market participants are less interested in short positions.
Also Read: Dogecoin Whale Offloads 400 Mln DOGE To Robinhood, Price To Hit $0.09?
Will DOGE Price Regain $0.1 Before Feb-End?
Dogecoin’s short-term movement exhibits a lateral trend oscillating between the support and resistance levels of $0.07 and $0.09, respectively. Utilizing the $0.07 level as foundational support, the DOGE price is forming a notable bullish reversal configuration known as the double bottom pattern.
Amid a wider market resurgence, the cryptocurrency witnessed a 10% increase over a fortnight, reaching $0.0852. This momentum, spurred by the bullish pattern, suggests an imminent rise of 6.2% towards the $0.09 resistance threshold.
Should Dogecoin price successfully breach this critical point, it’s anticipated to trigger a bullish momentum, propelling the price by an additional 16% to achieve a target of $0.105.
However, this upward trajectory towards $0.105 is expected to encounter significant resistance at a longstanding trendline, part of a symmetrical triangle pattern that has defined the broader, predominantly sideways market trend for nearly two years.
Also Read: Crypto Headlines Of The Week: Bitcoin, Shiba Inu, & Terra Fuels Inferences
Will Dogecoin Price Ready for Uptrend?
Analysis of the daily chart shows the anticipated rally to $0.0105 will face a major roadblock at the resistance trendline, a symmetrical triangle pattern. This chart has been active for nearly two years and the broader trend is sideways
The persistence of selling pressure at this upper boundary could result in a continuation of DOGE’s sideways trading pattern. For a return to a bullish recovery trend, a breakthrough from this triangle pattern is necessary, setting a new potential target at $0.18, indicating a decisive moment for the Dogecoin price direction.
Technical Indicator
- Relative Strength Index: The daily RSI slope above 55% indicates a positive sentiment among the market participants.
- Bollinger bands: An uptick in the Bollinger band indicator reflects the active bullish momentum in the market.
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