Dogecoin Price Prediction As $DOGE Breaks 700-Day Resistance; Is Rally $0.1 Imminent?
Dogecoin Price Prediction: Over the past two weeks, Dogecoin (DOGE) has experienced a notable recovery, climbing from $0.075 to a recent peak of $0.091, marking an impressive 28.8% increase. This rally is likely fueled by positive investor sentiment, bolstered by Dogecoin’s recent association with various space programs. During this ascent, the DOGE price has successfully breached the resistance trendline of a long-established triangle pattern, suggesting a potential trend reversal.
Also Read: Dogecoin Creator Billy Markus And Elon Musk Reacts To IRS $24 Bln Fine On FTX
Dogecoin Price Escapes 2-Year Accumulation
- The DOGE price breakout from the triangle pattern hints at the continuation of the recovery trend.
- The midline of the Bollinger band indicator may act as dynamic support amid occasional pullback
- The 24-hour trading volume in Dogecoin is $1.05 Billion, indicating a 96% gain.
For over two years, the Dogecoin price has been confined within the converging trendlines of a symmetrical triangle pattern. This chart setup has steered the memecoin through an extended accumulation phase, following the substantial downtrend it underwent from May 2021 to May 2022.
However, with the crypto market gradually shifting back to a recovery mode, the DOGE price has shown a robust rally since mid-October. The price escalated from $0.0572 to $0.089, constituting a 55% growth in just two months.
On December 2, the buyers achieved a bullish breakout from the triangle pattern’s upper boundary, indicating a shift in market sentiment. According to the pattern setup, each swing high retesting the upper trendline could serve as a target for the triangle pattern, suggesting the Dogecoin recovery trajectory may target a significant increase to $2.06, equating to a potential growth of 78.84%.
Nevertheless, this anticipated uptrend might encounter resistance at $0.105 and then at $0.132.
DOGE vs SHIB Performance
In comparison with Bitcoin, both cryptocurrencies have shown substantial recovery in the last two weeks. While the Bitcoin price rise has been more consistent, the Dogecoin price trajectory included occasional pullbacks. Therefore, Doge holders should withstand this correction and leverage them as buying opportunities.
- Bollinger Band: An uptick in the higher boundary of the Bollinger Band indicator reflects that the buyers are aggressive in this asset.
- Moving Average Convergence and Divergence: A Bullish crossover between the MACD and signal line accentuates a recovery sentiment that is intact in DOGE.