Dogecoin Price Prediction: Bullish Pattern Sets Recovery Beyond $0.1, But There’s a Catch
Dogecoin Price Prediction: In the span of the last three weeks, the DOGE price has seen a commendable recovery, climbing from $0.0573 to $0.073, which translates to a 27.62% increase. The daily chart suggests this uptick is part of the formation of a double-bottom pattern, a bullish reversal configuration that often indicates rising buying pressure and can precede significant upward price movements. Is this the right time to buy based on this pattern?
Also Read: Bitcoin (BTC) Price Consolidates as Analyst Predicts Next Stop
Will DOGE Price Regain $0.1 in November?
- The double bottom pattern sets the Doge rally to $0.011 when projecting a potential gain of 50%.
- The memecoin price is trading above the daily EMAs(20, 50, 100, and 200) the market sentiment is currently bullish
- The 24-hour trading volume in Dogecoin is $909 Million, indicating an 89% gain.
Source-Tradingview
Amid the widespread uncertainty in the crypto market, the Dogecoin price recovery halted at $0.07 wavering in a sideways action. Despite the turbulence, the resurgence of interest in altcoins has seen the DOGE price continue its recovery this week, reinforcing the formation of the double-bottom pattern.
According to this technical formation, this memecoin could experience an additional 14% increase, aiming for the neckline resistance at $0.083. A successful breach of this resistance could significantly amplify the bullish trend and solidify the foundation for a prolonged recovery phase.
The price target emerging from the double bottom pattern suggests a rally potentially reaching as high as the $0.11 level, mirroring the distance between the support base and the neckline.
Nevertheless, it’s important to note that the confluence of the neckline with a long-standing declining resistance trendline could present a substantial challenge, threatening to uphold the existing bearish trend.
DOGE vs SHIB Performance
Source: Coingape| Dogecoin Vs Shiba Inu Price
Looking at the past three months, both the Dog-themed memecoin Shiba Inu and Dogecoin have reaped the benefits of the October surge. Yet, a detailed analysis of their market performance reveals that Shiba Inu price has been markedly more volatile, with pronounced price fluctuations. Consequently, more cautious traders might find Dogecoin more appealing given its relative stability and the potential for sustained upward momentum.
- Relative Strength Index: The RSI slope below 60% suggests that while there is buyer interest, there is a lack of aggressive momentum for sustained upward progress.
- Exponential Moving Averages: The 20-and-200-day EMAs are on the verge of a bullish crossover that could fortify buyer confidence and support the continuation of the recovery trend.