Following the bear market in late 2021, Dogecoin continues the lower high formation, leading to a long-term downtrend. Accounting for a 92% drop from its all-time high of $0.7376, the DOGE price finally takes a promising trend reversal.
With the ongoing recovery in the market, the memcoins are ready for a new bull run. Being the leader of meme coins, DOGE price may soon skyrocket as per Dogecoin price predictions.
Taking a double bottom reversal from $0.057, the DOGE price trend aligns with the market recovery as Bitcoin touches $35K. With a positive cycle in the falling wedge pattern, Dogecoin prices exceed the crucial 50-day and 200-day EMAs.
Accounting for a 20% jump in the recent spike, the bull run breaks the overhead resistance trendline and reclaims the $0.070 mark. However, the intraday correction of 2.22% leads to a bearish engulfing candle and retests the breakout.
Currently, the DOGE price trades at $0.0705 and sustains above the 200-day EMA. As the Uptober spirit ends, a short pullback is possible before regaining the momentum.
Technical indicators:
RSI indicator: Entering the overbought zone, the daily RSI line spikes as the demand boosts for Dogecoin. Signalling a solid uptrend and supporting the breakout rally thesis, the momentum indicator remains positive for the upcoming DOGE price trend.
EMA: As Dogecoin sustains above the 200-day EMA, the 50-day EMA takes a bullish turnaround and rises higher. The EMAs will also provide dynamic support, increasing the chances of a golden crossover.
Will DOGE Price MoonShot With This Breakout?
As Dogecoin price action brings a positive conclusion to the falling wedge pattern, the upcoming trend brings a more optimistic viewpoint. Following a successful retest, the DOGE price can skyrocket to the $0.083 mark, if the uptrend sustains.
Conversely, a fall below the $0.070 mark can result in a price drop to $0.066.
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