DOGE Technical Analysis: Will Dogecoin Surpass the $0.065 Mark?

Time Stamp: June 20, 2022 8:30 PM
Source Node: 1484246

DOGE Technical Analysis

DOGE price action shows a double bottom pattern forming near the psychological mark of $0.050, teasing a bullish reversal. Key technical points: The DOGE market price has increased 25% over the past 24 hours. The sideways trend continues between $0.05 and $0.063. The 24-hour trading volume of Dogecoin is $654 Million, indicating a drop of 41%. Past Performance of DOGE The DOGE price has been stuck between $0.05 and $0.063 limits for the past week. The consolidation could lead to an upward trend when it breaks through any or both extremes. Moreover, the bullish breakout of the consolidation range increases with the double bottom pattern taking shape. Source- Tradingview DOGE Technical Analysis  The DOGE price action shows a bullish engulfing candlestick followed by a Doji candle, warning of an evening star pattern formation. Hence, traders hoping for a bullish trend must wait for a price action confirmation. Since May, the DOGE price has traded between the lower and mid-band of Bollinger band indicators, indicating an aggressive selling market. However, the price has been hovering around that lower support is a sign of the reversal theory. Amid ongoing consolidation and the daily RSI slope moving higher suggests buyers are taking control of the sellers. This means a higher likelihood of breakouts of $0.063 breakout. The MACD and signal lines in the daily chart give a bullish crossover as the falling trend in the negative histogram reaches the zero line. Hence, traders can expect the bullish trend to start with the resurgence in positive histograms. In a nutshell, the DOGE technical analysis forecasts a potential bullish breakout of a consolidation range. Upcoming Trend Traders hoping for a bullish recovery in the DOGE prices must wait for the $0.063 breakout. After that, investors can expect the breakout rally to reach the $0.075 mark. Resistance Levels: $0.065 and $0.075 Support Levels: $0.050 and $0.030

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