dogecoin The price began to recover from the effects of the market pullback, triggering a pattern also known as a ‘bullish breakout’. Buyers who broke the critical EMAs on the weekly chart also managed to break the resistance lines. This officially started a process generally referred to as ‘reversal’. Here are the levels the DOGE price could potentially reach.
DOGEIt lost an average of 87% of its value since its historical peak of $0.7376 and remained silent for a while. DOGE, which made good use of the developments in the market, made many moves one after another to recover in order to break this silence. As a result, the price has had many chances to trigger a bull run and improve its price.
With the latest developments, the broken trend line triggers a reversal and tests the ‘psychological level’ at $ 0.10. A strong exceedance of this level will also reduce fears regarding the downward trend. In addition to the movements in prices, the increase in transaction volume is also interpreted as an important detail that reinforces the positive trend.
Dogecoin price had already managed to gain a positive outlook, jumping 19% last week. This move has remained muted for a while, although traders initiated a retest phase at $0.092. After this silence, the correction of up to 6% is used as an area to gather more strength.
Dogecoin price was trading at $0.0963 at press time, which means it is trading above the 200-week EMA. The ‘morning star formation’ formed at $0.093 on the daily chart is an important detail that strengthens the reversal in the trend.
The MACD indicator continues to move in an upward trajectory after the correction. Positive indicators also support this upward momentum. The EMA, on the other hand, continues to show an upward trend on the 50-week chart as long as it remains above the $0.090 level. This is a detail that may be the key to a trend known as the “golden transition”.
Will Dogecoin Pass $0.10?
Despite the correction that started on Monday, the market is gaining momentum again and there are many details that trigger the rise in the trend. If $0.116 is exceeded, the next target is at $0.15. This means an average rally of 60%. However, a decline below $0.008 will also trigger closing prices of $0.007.