28 May 2023 16:02, UTC
Reading time: ~2 m
Dogecoin Price Analysis: Amidst a volatile market environment, the Dogecoin price has displayed a sideways movement between the $0.075 and $0.069 mark. Using the aforementioned $0.069 as base support this memecoin shows the formation of a double bottom pattern. This bullish setup is often spotted at the market bottom and offers a significant upswing on the breakout of its neckline resistance. Here’s how interested traders may grab a long opportunity using this pattern.
Also Read: Memecoins Prints Selective Growth as Crypto Market Recovers, Here are the High Fliers
Dogecoin Price Daily Chart
- Dogecoin price has set up a double-bottom pattern that forecasts an 8.5% rise on a successful breakout from $0.075.
- Any reversal signs at $0.075 will indicate the continuation of a sideways trend.
- The 24-hour trading volume in the Dogecoin coin is $328.5 Million, indicating a 36% gain.
On May 25th, the Dogecoin price rebounded from the local support zone of $0.069. The bullish reversal surged the prices 4.88% higher to hit the current price of $0.072.
However, under the development of the double bottom pattern, this bullish upswing is likely to rise higher and hit the immediate resistance of $0.0755. This barrier is the neckline resistance of the chart pattern and the peaked ceiling of an ongoing consolidation phase.
Thus, a successful break above the $0.072 will increase the buying pressure and surge the DOGE price by 8.5% to hit the $0.082 ceiling.
Will Dogecoin Price Reach $0.082?
Under the influence of a double-bottom pattern, the Dogecoin price is poised to break the overhead resistance of $0.075. A potential breakout above this barrier will offer buyers a firm footing to extend this recovery and hit $0.082.
- Relative Strength Index: A Bullish divergence in the daily RSI slope reflects the buying pressure rising at lower levels and additional confirmation of a bullish rally.
- Exponential Moving Average: The dynamic resistance of the 20-day EMA currently obstructs the rising price and may undermine the bullish thesis.
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