Bullish Pattern Setup Prepares DOGE Price for 22% Upswing

Dogecoin Price Prediction: On April 3rd, the Dogecoin price gave a massive breakout from a resistance trendline of a falling wedge pattern offering an early sign of trend reversal. The breakout candle surged the prices to a 4-month high of $0.105 but it reverted immediately to retest the breached trendline. After a 22% downfall value, the DOGE price shows sustainability above the combined support of the falling trendline and $0.08, offering a pullback opportunity to interested traders.

Key Points

• The bullish breakout from the $0.085 resistance encourage Doge price for a 22% upswing 
• A potential bullish crossover between the 20-and-200 attracts more buying orders in the market.
• The 24-hour trading volume in the Dogecoin coin is $848.2 Million, indicating a 43% gain.

Source-Tradingview 

The ongoing correction phase in Dogecoin price halted at combined support of a downsloping trendline and $0.08. The daily chart shows a lower price rejection candle at the aforementioned support indicating the buyers are defending the reclaimed level and can use them as a significant launchpad to rise higher.

Moreover, the DOGE price shows the formation of a double bottom pattern in the 4-hour time chart. This bullish reversal pattern offers an excellent setup to end the temporary correction and resume the prevailing recovery.

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Today, with a 4.4% intraday gain, the coin price breached the pattern’s neckline resistance of  $0.085, offering a pullback entry opportunity to traders. With sustained buying the prices are more likely to rise 13-20% higher to hit the $0.1 or $0.105 mark.

However, in response to the bullish pattern setup, the ideal target for the Dogecoin price could be a $0.112 ceiling.

Technical indicators

RSI: Despite a notable correction, the daily relative strength index (RSI) slope has remained above the midline, suggesting that the prevailing market sentiment is in favor of a bullish recovery.

EMAs: the daily EMAs(20, 50, 100, and 200) concentrated near the $0.08 support offer multiple support for buyers to sustain higher levels

Dogecoin Price Intraday Levels

• Spot rate: $0.087
• Trend: Bullish
• Volatility: Medium
• Resistance levels- $0.092 and $0.098
• Support levels- $0.085 and $0.082