Bullish Pattern Sets DOGE To Reach $0.15

With the growing uncertainty in the crypto market, the Dogecoin price recently turned down from the $0.11 resistance. As a result, the coin price tumbled 8-9% in the last four days and retested the $0.093 and $0.09 support. The downfall backed by decreased volume indicates a high probability of a bullish reversal, which may resume the prior recovery. 

Key points:

• If the dogecoin price show sustainability at $0.09 support, the replenished bullish momentum may assist buyers in surpassing the $0.11 barrier.
• A daily candle closing below $0.009 will weaken the bullish momentum
• The 24-hour trading volume in the Dogecoin coin is $467.5 Billion, indicating a 30% loss.

Is Tesla Stock downfall affecting Dogecoin?

Historically, the DOGE  price had significantly responded to billionaire Elon Musk’s activity across this memecoin. Musk has several times supported Dogecoin through Twitter and other means, which caused a sudden price jump and volatility in the coin’s market value.

However, this Dogecoin fan has recently lost his spot as the richest man in the world after the stock price of Tesla-manufacturer of electric vehicles, witnessed aggressive selling. Over the past five days, the Tesla stock price has dropped 12.8% and currently trades at $174.

Moreover, the DOGE price also experienced a similar downfall, losing 8-9% in the last four days. These losses are evidently more than Dogecoin-competitor Shiba Inu and market leaders Bitcoin and Ethereum.

Thus, Tesla’s downfall may be one of the reasons for Dogecoin’s additional weakness.

Dogecoin Price Analysis

Source-Tradingview

The Dogecoin weekly chart showcase the prices are well supported by the $0.0558 mark. Using this level as a base support, the technical chart displayed the formation of a cup and handle pattern.

This bullish reversal pattern is often spotted in the market bottom and could offer early signs of a trend reversal. Furthermore, the Dogecoin price is currently trading at $0.095 and is trying to sustain above the recently breached $0.093-$0.09 mark. drive 

The restored bullish momentum from $0.09 flipped support may drive a post-retest rally of 30%, hitting $0.124. Moreover, the memecoin is currently going through the handle formation of the pattern, which may gradually lead the prices to the $0.1522 neckline.

On a contrary note, a daily candle closing below $0.074 will offset the bullish thesis.

Technical  indicator

RSI indicator: The weekly-RSI slope reentering the bullish territory indicates the market participating feels positive for Dogecoin.

EMAs: The 50 and 100 EMA slope moving near the $0.105 mark offers additional selling pressure against rising prices.

Dogecoin Price Intraday Levels

• Spot rate: $0.096
• Trend: Bullish
• Volatility: Medium 
• Resistance levels- $0.11 and $0.124
• Support levels- $0.09 and $0.074