Dogecoin Price Prediction: Why $DOGE Recovery is Set to Extend 32%

Dogecoin Price Prediction: Bucking the trend of a broader market retracement, the DOGE price has exhibited a remarkable recovery, consistently climbing over the last three days. This surge, amounting to a 20% increase to reach a $0.087 peak, appears to be spurred by the exhilarating news of a physical Dogecoin mission to the Earth’s moon. could this momentum fuel this memecoin’s ascent past the $0.01 threshold?

Also Read: Why Dogecoin & HBAR Are Rising Amid Crypto Market Downturn?

Bullish Pattern Hints Rally to $0.11

• Dogecoin price rising for 5 consecutive weeks with a substantial increase in volume indicates sustained momentum,
• The 20-day EMA slope is offering dynamic support to rising prices
• The 24-hour trading volume in Dogecoin is $1.9 Million, indicating an 87% gain.

Source-Tradingview 

Over the past 30 days, the Dogecoin price has traveled a sustained recovery, rising from the $0.057 level to a current trading price of $0.082, registering a gain of 45%. Amid this rally, the coin price witnessed two pullbacks indicating the buyers are managing to absorb the overhead selling pressure and make a strong strikeback.

The Daily time frame Chart reveals that this rally is contributing to the formation of a bullish ‘Double Bottom‘ reversal pattern. Just today, the DOGE price surged by 10%, approaching the pattern’s neckline, potentially catalyzing this bullish formation.

A daily close above $0.083 could convert this resistance level into a support platform, potentially paving the way for a 32% surge to the dual resistance at $0.11, marked by a downtrend line. This dynamic resistance has been a critical factor in the correction phase; thus, breaching it could signal a significant trend reversal.

Healthy Retracement Sets Higher Recovery

While an upward trajectory for the DOGE price seems probable, intermittent pullbacks might occur, serving to consolidate the bullish momentum. Historical data suggests these corrections align well with the 50% Fibonacci retracement level, an indicator of a robust pullback. Consequently, investors might consider the 50% or 38.2% Fibonacci levels as strategic points for setting stop-loss orders or reassessing their positions

• Stochastic Oscillator: Rising slopes in the %K and %D lines signal active bullish momentum, reinforcing the positive trend.
• Exponential Moving Average: A ‘golden crossover’ between the 50-day and 200-day EMAs could strengthen buyer confidence, fueling the ongoing recovery.

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