Dogecoin Confirms a New Macro Uptrend: Will DOGE Price Make It to $0.3 This Month?
Release: 2024/05/06 17:55 Reading: 839
Dogecoin Confirms a New Macro Uptrend: Will DOGE Price Make It to $0.3 This Month?
Following a significant recovery in Bitcoin prices, popular altcoins have exhibited divergent trading patterns. Notably, Dogecoin (DOGE), a renowned memecoin, has maintained a robust ascending trend, fueling expectations of a positive week ahead.
After a brief upswing in the month's early days, DOGE price has consolidated its gains, indicating preparation for the next price action. In the near term, $0.2 appears to be the target, as the price has remained elevated since early March, forming a head-and-shoulder pattern. However, the price bounced off the neckline, invalidating bearish prospects.
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The current trade setup suggests a strong upward trajectory towards the lost resistance level of $0.18. In the larger perspective, $0.22 emerges as the target to be surpassed soon.
The long-term or monthly chart of DOGE price presents a bullish outlook. Despite interim fluctuations, the token has maintained a steep upswing within a parabolic curve. Historically, similar patterns have led to significant breakouts after reaching the neckline. Therefore, market participants can anticipate a continued upswing within a consolidated pattern until the price reaches the neckline at $0.28.
Furthermore, the RSI indicator displayed a bearish divergence in March but has since reverted to a bullish range. As a result, DOGE price, which has surged by over 3% in the past 24 hours and nearly 18% in the past week, is expected to rise by 20% to 25% in the coming days, potentially reaching $0.22.
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