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Dogecoin (DOGE) was trading with a bearish bias around $0.0752, with sellers focusing on reversing gains made in the previous three days. According to technical research, the recent sell-off may have provided traders with an opportunity to purchase the leading meme coin at a discount as it appeared poised for a rebound.
Dogecoin BullsEye aReturn to $0.1
On the daily chart, DOGE price movement had established a bullish cup-and-handle chart pattern, preparing for a bull run. At the time of writing, Dogecoin was trading in the red, just above the $0.075 support level.
The 200-day simple moving average (SMA) of $0.0761 stood in DOGE’s way. Additional obstacles would develop from the handle’s high at $0.0782 and the neckline of the technical pattern at $0.0801.
Breaking through this level would confirm a bullish breakout from the cup and handle chart pattern, putting the meme cryptocurrency on track for a 31.26% increase to $0.1. Market players should anticipate a few days of price consolidation within this supply zone.
DOGE/USD Daily Chart
Aside from the considerably positive chart pattern, the Relative Strength Index (RSI) also contributed to Dogecoin’s upward movement. This trend-following indicator was rising, indicating that the bulls had taken control of DOGE. It is worth noting that Dogecoin’s upward movement will gain strength after the RSI closes the gap to 70 and enters the overbought level.
Furthermore, the Moving Average Convergence Divergence (MACD) indicator was rising. Take note that this oscillating indication was going to send a purchase order for DOGE. This is likely to happen in the coming trading sessions when the MACD line (blue) crosses over the signal line (orange), signaling a rise in investor confidence.
The bullish scenario is most likely to be invalidated if the price produces a daily candlestick close below the handle’s low at $0.0717, where the 50 SMA is located, to revisit the swing low at the 100-day and 50-day SMAs around the $0.70 zone.
If the price falls below this level, the entire positive thesis will be rendered null and invalid, and the DOGE price will likely plummet to seek solace from the cup’s bottom at $0.060, resulting in a 20% drop from the present price.
Disclaimer
The information provided in this article on “Ripple (XRP) Price Prediction for 2023, 2025, and 2030” is intended for informational purposes only. It should not be considered as financial advice or an endorsement to invest in cryptocurrencies.
The cryptocurrency market is highly volatile, and price predictions are speculative in nature, subject to rapid fluctuations and unforeseen events.
Readers are advised to conduct their own research and seek professional advice before making any investment decisions. The authors of this article disclaim any liability for financial losses or damages resulting from the use of the information presented herein.
