Harga DOGE Siap Meroket, Indikator Teknikal Ini yang Jadi Dasar Bullish-nya

Dogecoin (DOGE) Poised for a Potential Surge Backed by Technical Indicators

The price of Dogecoin (DOGE) is expected to experience a significant surge, supported by key technical indicators, offering an opportunity for the meme coin to rebound from its current lows.

Over the past week, the cryptocurrency has faced substantial losses, with its value dropping by over 11%. In just the last 24 hours, it has suffered an additional decline of more than 5%.

Dogecoin's Potential for Recovery

Despite its recent bearish trend, there is a glimmer of hope for Dogecoin, as reported by AMBCrypto.

According to data from CoinMarketCap, Dogecoin is currently trading around $0.1401, with a market capitalization exceeding $20 billion, making it the eighth-largest cryptocurrency by market cap.

This significant position highlights Dogecoin's continued relevance in the crypto space, despite its recent price struggles.

In the coming days, DOGE's price could see a reversal of fortune, as a bullish pattern has emerged on its 6-hour trading chart. Leading technical analysts have observed the formation, indicating a potential breakout.

If the meme coin manages to break through the pattern, it could trigger a substantial bullish rally. Not only could such a rally help DOGE recover its losses, but it has the potential to drive it to or even beyond its March 2024 high in the coming weeks.

In-Depth Analysis

The optimism for a bullish turnaround is further supported by recent analytical observations. Analysts' initial findings suggest that while Dogecoin's trading volume has significantly declined over the past week, it has shown a noticeable increase as of press time.

Typically, a rise in volume alongside a price drop is considered bearish, as it indicates further devaluation. However, the shift in volume could signal growing interest and potential accumulation by investors.

The bearish market trend has also affected Dogecoin's social metrics. The meme coin's social value and popularity have slightly declined, as indicated by various crypto social media tracking services. This dip in social engagement may have contributed to the negative sentiment surrounding the cryptocurrency.

Furthermore, the weighted sentiment for DOGE remains negative, suggesting that a bearish outlook currently dominates among market participants. This sentiment is reflected in broader market indicators such as the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI).

The MACD has exhibited clear bearish dominance, while the RSI continues to trend downwards, moving further below the neutral threshold. These indicators typically suggest that the market may continue to see price declines for DOGE before a potential recovery.