Dogecoin Price Analysis: Is DOGE Leading the Meme Coin Supercycle?
Release: 2024/06/28 21:49 Reading: 424
Dogecoin Price Analysis
This week, the cryptocurrency market witnessed a decline in selling pressure as Bitcoin stabilized above the significant $60,000 level. This consolidation resulted in reduced volatility for major altcoins, including Dogecoin.
While indicators of recovery are yet to materialize, Dogecoin's price remains above multi-month support, forming a reversal pattern that suggests potential for a significant rebound.
Bull-Flag Pattern Indicates Trend Reversal
During the June market correction, Dogecoin's price experienced a notable decline from a high of $0.165 to a low of $0.113, amounting to a 31.6% loss. Despite this downturn, the daily chart reveals the formation of a bullish continuation flag pattern.
Within this pattern, Dogecoin's price oscillates between two trendlines, signaling an attempt to regain momentum. At present, the coin trades at $0.127 with an intraday gain of 0.22%, while its market capitalization stands at $18.4 billion.
As the crypto market sentiment improves, Dogecoin is poised to break through immediate resistance at $0.129, approximately coinciding with the 200D EMA. If successful, the price could rise by 10% before encountering the flag pattern's key downward-sloping resistance.
A breakout from the flag will serve as a confirmation of the bullish trend, potentially propelling Dogecoin towards its previous high of $0.228.
Historical Performance and Future Potential
Crypto analyst KALEO recently shared insights into Dogecoin's historical performance and future prospects. According to KALEO, Dogecoin has experienced prolonged periods of sideways or downward trends, broken by two substantial bull runs. These runs resulted in a 6000% and 30,000% increase, respectively.
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