Dogecoin Price Prediction: The renewed buying pressure at 50% FIB level bolsters DOGE price for a new recovery
Published 1 hour ago
Dogecoin Price Prediction: The current downtrend in Dogecoin price takes on a sideways shift as the buyers hold the fort at $0.75. This consolidation teases a reversal for meme coins if the buyers complete the double-bottom pattern. Despite the 8.5% decline over the past week, the DOGE price trend teases a reversal rally with a 30% upside potential. So, should you consider buying this meme coin or wait for the market slowdown to end?
Dogecoin Price at a Crucial Reversal Spot
- The DOGE price trades near the 50% Fibonacci level and teases a double-bottom reversal.
- The pullback phase warns of a death cross if the prices succumb below the 200-day EMA.
- The 24-hour trading volume in Dogecoin is $2.71 Billion, indicating a 16% loss.
The Dogecoin price downturn extended into early 2024, as hopes for a rally fueled by the Bitcoin Spot ETF were dashed. This setback significantly impacted Doge value, which tumbled from its peak of $0.107 to find support at the crucial 200-day EMA level, marking a steep 25.5% decline.
After the recent downturn, buyers have been actively trying to stabilize the market, leading to a period of indecisive, sideways trading for Dogecoin. Presently, the coin price trajectory is hovering near the 61.8% Fibonacci retracement level, showing signs of a potential bullish resurgence, possibly forming a double-bottom pattern.
However, the fate of Dogecoin remains uncertain and heavily contingent on the broader market trends. If the current market sluggishness persists in the upcoming weeks, there’s a risk that memecoin could break below the crucial 200-day EMA support.
This scenario could trigger an increased supply in the market and potentially lead to a further 17.5% decline in Dogecoin’s value to around $0.066.
On the flip side, a rejuvenation of positive sentiment towards this popular meme coin, possibly fueled by robust community backing, could pave the way for a bullish reversal.
Under such circumstances, the coin price may breach the $0.0877 neckline resistance of double bottom to buyers with a suitable launchpad. The post-breakout rally could surge the DOGE price by 22%, to a potential target of $0.107.
Technical Indicators
- Exponential Moving Average: The bearish crossover of the 20-day and 50-day EMA signals a short-term bear phase.
- Moving Average Convergence Divergence: The MACD and signal lines are ready to give a bullish crossover in the daily chart.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.