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Dogecoin Price Analysis: This week, the cryptocurrency market experienced reduced selling pressure as Bitcoin stabilized above the crucial $60,000 level. This consolidation has led to decreased volatility for most major altcoins, including Dogecoin. While signs of a recovery have yet to fully develop, Dogecoin’s price is holding above multi-month support and forms a reversal pattern, indicating a potential for a significant rebound.
Also Read: Dogecoin Price: DOGE Rebounds From Critical Support, Bullish Momentum Builds
Dogecoin Price Analysis: Bull-Flag Sets Fresh Recovery Trend
Dogecoin Price Analysis| TradingviewDuring the June market correction, the Dogecoin price experienced a significant decline, falling from a high of $0.165 to a low of $0.113, marking a 31.6% loss. Despite this downturn, the daily chart reveals the formation of a well-known bullish continuation flag pattern.
Under the influence of this pattern, the coin price is actively resonating within two trendlines, trying to regain momentum for the prevailing trends as per theory. The Dogecoin price currently trades at $0.127 with an intraday gain of 0.22%, while the market cap boasted to $18.4 Billion.
With relief rally sentiment in the crypto market, the DOGE price attempts to break from immediate resistance of $0.129, coinciding close with 200D EMA. A successful breach could uplift the asset by 10% before challenging the key downsloping resistance of the flag pattern.
A potential breakout from the flag will be the required signal to resume a bullish trend bolstering Dogecoin to surpass the $0.228 high.
Also Read: Dogecoin (DOGE) Moves Behind Meme Coins: What to Expect?
In a recent tweet, crypto analyst KALEO provided insights into Dogecoin’s ($DOGE) historical performance and future potential. Dogecoin has spent around 9.5 years trending sideways or downward, with two significant bullish runs: a 6000% pump from the lows and another with a 30,000% increase.
For those of you who say DOGE is boring – for the most part, you’re right.
It’s spent ~9.5 years of its existence trending sideways or down. The other 1 year? It had one run that pumped ~6000% from the lows and another that pumped more than 30,000%.
The… pic.twitter.com/523tqCMBdC
— K A L E O (@CryptoKaleo) June 25, 2024
Currently, the duration of its sideways movement since the last all-time high (ATH) is similar to previous periods before major breakouts. Each of these moves took around 8-9 months post-Bitcoin halving before Dogecoin began to pump. With only two months past the latest Bitcoin halving, KALEO suggests a breakout might occur between December and February.
Thus, the term trend could witness a sideways to deeper correction, but the broader trend remains bullish, with the analysts believing we are in a meme coin supercycle.
Technical Indicator
- EMAs: A bearish crossover between the 50-and-100-day Exponential Moving Average could accelerate the bearish momentum for a prolonged consolidation.
- RSI: The daily Relative Strength Index(RSI) slope wavering around 40% reflects a bearish sentiment intact among market participants.
The post Dogecoin Price Analysis: Is DOGE Leading the Meme Coin Supercycle? appeared first on CoinGape.
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