The crypto space turns volatile amid the US consumer price increase in September. Amid the growing volatility, Bitcoin momentarily broke $59k. However, the top meme coin, DOGE, shows a bullish reversal possibility.
Despite the 1.82% drop yesterday during the broader market correction, the DOGE price trend sustains dominance above $0.10. Will this bullishness lead to a reversal rally, as the meme coin is up 2% today? Read now in our Dogecoin Price analysis.
Dogecoin Price Analysis
With a 1.62% surge in the last 24 hours, Dogecoin has a market cap of $15.80 billion. The meme coin is currently trading at $0.1080 and ranks as the 8th biggest cryptocurrency in the market.
In the 4-hour chart, the Dogecoin price action reveals a sideways shift in the recent correction phase, defining support at a base level of 0.10394. The meme coin shows a V-shaped reversal.
Furthermore, the reversal rally teases a double-bottom formation with a neckline near 0.1140. Currently, the meme coin has formed four consecutive bullish candles, accounting for a 3.60% surge in the past 12 hours.
Technical indicators:
EMA: The crucial 50 EMA warns of a bearish crossover with the 200 EMA, resulting in a death cross event.
RSI: The 4-hour RSI line reveals a bullish divergence in the potential double-bottom pattern, increasing the possibility of a bullish comeback.
Dogecoin Breakout Targets
With the V-shaped recovery, the meme coin is rising towards 200 EMA in the 4-hour chart. Based on the Fibonacci level, the overhead resistance for the meme coin stands at $0.10977, with the breakout target at a 50% level at $0.1168.
On the flip side, in case of a bearish reversal from the 200 EMA, the crucial supports are at $0.10394 and $0.1011.
Wondering if Dogecoin will hit $1 in the next bull run? Read Coinpedia’s insightful DOGE price prediction for 2024 to 2030 to find the price targets of the next rally.
Source: https://coinpedia.org/price-analysis/doge-price-analysis-double-bottom-hints-at-explosive-gains/