Will Dogecoin Price Reclaim $0.2 Mark by March End?
Highlights
- A bullish breakout from the pennant pattern will trigger a directional rally in Dogecoin price.
- The coin price above daily EMAs(20, 50, 100, and 200) reflects the long-term trend in bullishness.
- The 24-hour trading volume in Dogecoin is $2.05 Billion, indicating a 51% loss.
Dogecoin Price: The weekend downturn in the cryptocurrency market significantly impacted Dogecoin’s value, leading to a 22% drop from $0.192 to $0.15. As Bitcoin’s price correction persists, DOGE sellers hint at a potential fall below the 50% retracement level. Nevertheless, this retracement is forming a bullish continuation pattern known as a pennant, which could empower buyers to regain momentum for recovery
Also Read: 4 Under $1 Crypto Gems To Buy With 1000X Potential In 2024
Will $0.15 Support Hold Amid Market Correction?
Dogecoin (DOGE), the largest memecoin by market cap, has witnessed a surge in volatility recently evidenced by the long-wick rejection candle in the daily chart. However, the consolidation resonating within two converging trend lines indicates the formation of a bullish continuation pattern called Pennant.
The nature of this pattern suggests the DOGE price exhausted from the recent rally which surged its price from $0.084 to $0.206 and needed a minor pullback to regain its strength.
With a 6.9% intraday loss, the Dogecoin price teases a breakdown below the pattern’s lower trendline. If the market-wide correction bolstered sellers to break this support, the supply pressure will accelerate and invalidate the bullish thesis.
The post-breakdown fall may have plunged the memecoin value to $0.124 support.
Also Read: Meme Coins Outperforming Bitcoin This Week
Dogecoin Price Hints Breakout Strategy for the Next Fortnight
If the patterns hold true, the coin price may rebound from the lower trendline to continue the current consolidation. For this Dogecoin price to return to the recovery trend, the Buyer must break the pattern’s upper trendline. The pattern developed on a 4-hour chart hints at another 1-2 weeks of consolidation before a decisive breakout.
The potential breakout may surpass $0.2 and hit a theoretical target of $0.26.
Technical Indicator
- Exponential Moving Average: A fasting moving 20-day EMA offers immediate support for buyers to prevent further correction.
- Relative Strength Index: The daily RSI slope downtick at 54% reflects a waning bullish momentum in the market.
Related Articles
Recent Posts
- Price Analysis
Solana Price Prediction: Analyst Notes Bearish Breakdown Amid Derivatives Slowdown
The Solana price hovered near $184, posting a slight 0.52% daily gain as analysts issued…
- Price Analysis
Shiba Inu Price Eyes Recovery as Burn Rate Jumps 10,785% – Can SHIB Hit $0.000016?
The Shiba Inu price trades at $0.00000990 after rising 4.29% in the past 24 hours.…
- Price Analysis
Ethereum (ETH) Price Prediction: Analyst Eyes $7,000 by Q4 as Bitmine Accumulates $281M ETH — Will History Repeat Itself?
The Ethereum price has risen 2.74% in the past 24 hours to trade at $3,892.28.…
- Price Analysis
HYPE Price Teeters Amid Weak Technicals and Soaring Liquidations
HYPE price has crashed by over 40% from its highest point this year amid the…
- Price Analysis
XRP Price Prediction As Ripple Announces $1B Treasury Plans – Is a Rebound Imminent?
The XRP price has struggled to gain traction after recent volatility in the crypto market.…
- Price Analysis
Bitcoin Price Prediction Amid Gold’s Parabolic Rally to Second-Largest Reserve Asset
The Bitcoin price has dropped by 5.13% in the past 24 hours to trade at…