DOGE Price Analysis: Double-Bottom Hints at Explosive Gains!

Dogecoin Price Analysis: Bullish Reversal on the Horizon

Amidst heightened market volatility, Bitcoin recently surpassed $59k, while Dogecoin (DOGE) has exhibited a potential bullish reversal.

Dogecoin Price Performance

Despite yesterday's 1.82% drop, DOGE has remained above $0.10, experiencing a 2% gain today. The meme coin currently trades at $0.1080 with a market capitalization of $15.80 billion.

Technical Analysis

The 4-hour chart reveals a sideways shift in DOGE's price action during the recent correction, with support at 0.10394. The formation of four consecutive bullish candles indicates a 3.60% surge over the past 12 hours.

EMA: The 50 EMA suggests a potential bearish crossover with the 200 EMA, forming a death cross.

RSI: The 4-hour RSI line exhibits a bullish divergence, increasing the likelihood of an upward trend.

Breakout Targets

DOGE's V-shaped recovery has propelled it towards the 200 EMA in the 4-hour chart. Resistance lies at $0.10977, with a breakout target at 50% Fibonacci level of $0.1168.

Support Levels

In the event of a bearish reversal from the 200 EMA, support is present at $0.10394 and $0.1011.