DOGE Price Forecast: Dogecoin Eyes $0.2 with 90 Million In Addresses
Release: 2024/07/20 00:23 Reading: 689
The Cryptocurrency Market Experiences a Bullish Surge Pushing the DOGE Price Forecast to Rally
The cryptocurrency market witnessed a sudden increase in bullish activity during Friday's U.S. trading hours. Bitcoin surged by nearly 3% to reach $65,890, and altcoins followed a similar trend. This surge suggests buyers may have regained bullish momentum ahead of a potential market leap.
DOGE Price Forecast Predicts a 40% Rally Amid Flag Formation
The recent market recovery has propelled the Dogecoin price to break its correction trend at $0.0916. A bullish turnaround from this support has led to a 35% increase, with the price now trading at $0.123. The market cap has also grown significantly to $17.8 billion.
This recovery has pushed DOGE above its 20D EMA signal, indicating an early sign of reversal. Additionally, Dogecoin has achieved a milestone with 90 million addresses, according to data from IntoTheBlock. This surge in addresses highlights the growing interest and adoption of this popular memecoin.
The ongoing recovery in DOGE price is still within a flag pattern formation. This bullish continuation setup presents an opportunity for bulls to regain momentum.
Bullish Technical Indicators Support Potential Breakout
A bullish crossover between the MACD and signal lines shows a renewed recovery sentiment. With sustained buying, the DOGE price forecast suggests a 5.5% gain before buyers face resistance at $0.128.
If DOGE breaks out of the flag resistance, it could rally by 41% to reach $0.174 and potentially $0.228. However, a reversal could indicate that sellers remain active and the correction trend may continue.
Key Takeaway
Amid the recent market recovery, DOGE has experienced significant growth over the past two weeks. However, the presence of the flag pattern suggests the potential for further correction. If the price breaks the resistance trendline, it will create an opportunity for bulls to resume a bullish trend.
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