Is Dogecoin Making a Comeback?; $0.075 Price Target in Sight for $DOGE

For over a week, the Dogecoin price traded below a $0.063 resistance and wavered in uncertainty. The memecoin price has recently rebounded from the support trendline of the channel pattern, which increases accumulation pressure among investors. While the broader market sentiment also shows improvement the DOGE price breached a significant resistance of $0.0632.

Also Read: Elon Musk Refutes Owning Pump-Dump “Dogecoin Wallets”

Dogecoin Price Daily Chart

• The falling channel pattern governs the current downtrend in the DOGE price.
• A bullish reversal from the pattern’s trend set this memecoin on a new recovery track
• The 24-hour trading volume in the Dogecoin coin is $333.9 Million, indicating a 108% gain.

Source-Tradingview 

In the daily time frame chart, the Dogecoin price shows the formation of a falling channel pattern. Amid the early June sell-off, the coin price plunged to this pattern’s support trendline and rebound as the accumulation from buyers rose.

Moreover, over the past seven months, the DOGE price bounced back thrice from this support and each reversal triggered a significant recovery. Thus, the recent reversal on June 10th hints at the beginning of a new bull cycle within the pattern.

Today, with a 4.2% price jump, the buyers breach the nearest significant resistance of $0.063. This breakout offers the first signal to recovery and could potentially reach the $0.095 mark with sustained buying.

Will Dogecoin Price Reach $0.075?

A bullish breakout from the $0.0632 resistance flips this barrier into viable support. If today, the DOGE price closed the daily candle above the $0.0632 flipped support, the buyers could set on this level to climb higher. While the ideal target for this pattern remains at $0.095, the buyers could face in-between resistance at $0.075, followed by $0.083.

• Exponential Moving Average: The DOGE price surged above the 20-day EMA after two months giving an extra edge to long traders.
• Moving Average Convergence Divergence: A bullish crossover between the MACD(blue) and the signal(Orange) gives additional confirmation for a bullish upswing.