Key information
- Dogecoin price has been climbing in an ascending trendline.
- A sharp drop of 45% in trading volume was noted.
Dogecoin (DOGE) is the largest memecoin in terms of market value. At press time, the token ranked 8th in the cryptocurrency market. Recently, the Dogecoin Price experienced a strong recovery on a daily basis and underwent a correction phase.
DOGE Price has struggled to break above the $0.400 mark in recent weeks. The token took support at the ascending trendline and rose accordingly.
Based on the technical data sheet, the Dogecoin Price formed an ascending triangular pattern. It remains on the ascending trendline, which could tempt buyers. Analysts estimate that Cryptocurrency DOGE is ready for another bullish rally and could reach the $2 mark.
Dogecoin Price Formed Bull Flag: Experts Suggest Another Rally
Dogecoin Price formed a bull flag pattern on the 2D timeframe and underwent a correction phase after a massive rally. The token is hovering near breakout territory. Buying momentum can be anticipated if the price triggers a breakout of this territory.
Buyers could be confident if the DOGE Price supports this flag. Buying pressure can be received here and a decent bullish rally can be anticipated. Amid this bull run, experts are targeting the $2 mark.
Ascending triangle shaped DOGE price and in the support zone
When writing, the Dogecoin Price was trading at $0.349, which remained neutral over the past 24 hours. The market capitalization was $51.66 billion and the 24-hour trading volume was around $1.73 billion.
Based on the technical data sheet, the DOGE Price formed an ascending triangular pattern. Moreover, the price supported the trendline and prepared bullish momentum. If the token receives bullish momentum, it could extend up to the $0.400 resistance zone.
Buyers could be confident once the price triggers a breakout from this resistance zone. Let us assume that it holds above the resistance zone and bullish momentum can be seen. If the price breaks above the $0.450 mark, it could trigger a longer bull rally.
Conversely, if the Cryptocurrency DOGE price slips below the trend line, buyers might lose interest. Losing this trendline could attract sellers and sow fear among investors. Additionally, investors might prefer to book profits, which could lead to a strong downtrend.
Regarding technical indicators, the Dogecoin Price fell below the 20-day EMA, highlighting the bearish forecast. The RSI has fallen below the moving average based on the RSI.
Experts Suggest Bullish Rally in Post-DOGE Breakout
Dogecoin Price experienced a correction phase following a strong rally. Furthermore, the Cryptocurrency DOGE formed a bull flag and an ascending triangle pattern.
This indicates the potential for an upward move if it manages to break above the $0.400 resistance zone. Analysts are optimistic, suggesting that the DOGE Price could target the $2 mark if bullish momentum develops.
However, traders should be careful as failure to hold support could lead to downtrends. This could happen, especially if the price drops below the ascending trendline.
Current technical indicators reflected a bearish outlook. However, this outlook highlighted the importance of closely monitoring price movements to gauge future trends.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment or other advice. The author or anyone mentioned in this article is not responsible for any financial loss that may occur while investing or trading. Please do your research before making a financial decision.
Varuni has been in the Web3 space for half a decade, witnessing the changing dynamics of DLT, Blockchain and Web3. With 8 years of journalistic expertise, she has a keen interest in emerging technologies and their impact on society. She has published on-chain news and analysis articles on Nasdaq as well as some of the largest crypto news companies on Web3. Currently, she runs The Coin Republic as editor-in-chief.