Will Dogecoin Price Recovery Surpass $0.3 in April?
Highlights
- Under the influence of a rounding bottom pattern, the Dogecoin price is poised for an extended recovery trend.
- The momentum indicators at the overbought region indicate the DOGE is likely to have more occasional pullbacks in the coming month.
- The 24-hour trading volume in Dogecoin is $4.02 Billion, indicating a 36% loss.
Dogecoin Price Prediction: The cryptocurrency market is likely witnessing a pre-halving consolidation, evidenced by a narrow range formation in Bitcoin. While a majority of major altcoins follow the same trend, the leading meme cryptocurrency, Dogecoin, showcased a notable upswing hitting a 27-month high of $0.228.
However, the market is poised for a potential uptrend in the upcoming weeks as we approach April- the scheduled month for Bitcoin halving. Will this renewed market recovery push the DOGE price to the $0.3 milestone?
Also Read: Dogecoin Price Gains Momentum as Whales Dive In, Is $0.3 Next Stop?
Rounding Bottom Pattern Sets DOGE For Prolong Rally
The Dogecoin price rebounded from its last correction in March’s fourth week as buyers suitable support at the 50-day EMA. The positive turnaround uplifted the asset from $0.122 to $0.21 high, registering 86% growth.
The rising price has also surpassed the last swing high of $0.192, providing buyers with the next stepping stone to prolong recovery. Amid the current consolidation trend in the market, the DOGE price sees a minor pullback of 8% in 72 hours currently trading at $0.21.
With a market cap of $30.2 Billion, Dogecoin holds its position as the 8th largest cryptocurrency as per Coinmarketcap.
However, an analysis of the higher time frame chart shows parabolic growth resembling the formation of a rounding bottom pattern. The chart pattern is often considered a sign of a downtrend bottoming and an opportunity for a new bull run to emerge.
Should the crypto market exhibit a bullish response to the anticipated halving, in line with historical trends and investor expectations, Dogecoin’s price is likely to align with the bullish pattern formation.
With sustained buying, the current rally may chase a potential target of $0.3, followed by $0.35 and $0.448.
Also Read: Top Analyst Predicts Bitcoin To Hit $75K, But There’s A Catch
Technical Indicator
- Exponential Moving Average: A sharp upswing from the fast-moving 20-day EMA indicates a high momentum rally which usually favors breakout traders.
- Average Directional Index (ADX): The ADX slope at 41% indicates the overextended rally may need some pullbacks to regain strength.
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