Published 10 hours ago
Under the influence of double bottom pattern formation and the recent recovery in the crypto market, the Dogecoin price rebounded from the $0.071-$0.068 support zone. This bullish reversal drove the prices 25% higher to reach the current price of $0.085. However, this bullish pattern could trigger significant growth in DOGE price and surpass $0.1. Should you enter now?
- A potential breakout from $0.09 resistance could set the Dogecoin price for a 22% rise.
- A daily candle closing below $0.08 will offset the bullish thesis.
- The 0.071-$0.068 trading volume in the Dogecoin coin is $452 Billion, indicating a 39% loss.
The formation of a double bottom pattern showcases multiple reversals from the $0.071-$0.068 mark, validating this level as a high accumulation zone. The memecoin recently rebounded from this mentioned support and is currently challenging a local resistance of $0.9.
However, The daily chart has shown several higher price rejection candles at $0.9 resistance since last week, indicating the seller continues to defend this level. If this supply pressure persists, the DOGE price could witness a consolidation between the aforementioned resistance and $0.08 support.
Anyhow, a minor consolidation could benefit Dogecoin as it will neutralize excessive buying from the prior recovery and check sustainability above the recently reclaimed support.
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Thus, a bullish breakout from the $0.9 barrier will signal the resumption of price recovery. This breakout may push the DOGE price 22% higher to challenge the $0.11 neckline resistance of the double bottom pattern.
Global In/Out of the Money metric
Concerning the current price of Dogecoin, the Global In/Out of the Money (GIOM) on-chain metric indicates that 60.31% of DOGE addresses are in the money or realizing profits, whereas 36.78% are out of the money addresses witnessing losses.
Therefore, the major portion of the holding addresses is in profits, decreasing the possibility for them selling and inclined more towards holding for higher gains.
RSI– a bearish divergence in the daily RSI slope reflects a drop in aggressive buying in the market. This divergence increases the possibility of minor consolidation before the next recovery cycle starts.
EMAs: the crucial EMAs (20, 50, 100, and 200) moving sideways indicate a sense of neutral sentiment in the market.
Dogecoin Price Intraday Levels
- Spot rate: $0.086
- Trend: Bullish
- Volatility: Medium
- Resistance levels- $0.09 and $0.11
- Support levels- $0.08 and $0.071
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.