Will Dogecoin Price Recovery Hit $0.2 By March End?

Dogecoin Price: The crypto market is wavering in uncertainty as Bitcoin price struggles to sustain a reversal from $60000. The overhead supply has limited growth in several of the major altcoins but not Dogecoin. The Dog-themed has recently rebounded from the 61.8% Fibonacci retracement level and has surged nearly 40% in 4 days to current trade at $0.17. Will this momentum persist to surpass $0.22?

Also Read: 3 Lesser Known Dogecoin ‘Killers’ To Buy As Cryptos Cascade In March

Musk’s X Payments Expansion Fuels Dogecoin Price Surge Towards Key Breakout

An analysis of the daily time frame shows the Dogecoin price correction is strictly resonating between two converging trendlines, which hints at the formation of a pennant pattern. This chart setup is often spotted between an established uptrend as it signals occasional pullback for buyers to regain strength.

During the mid-week, the DOGE price witnessed a notable inflow which resulted in a recovery leap from $0.122 to $0.177. This upswing is likely influenced by the progress in Elon Musk’s financial service X Payments, which has successfully expanded its operational footprint by obtaining money transmission licenses in Illinois, New Mexico, and Oregon. 

The acquisition of these licenses has sparked renewed discussions about the potential for incorporating cryptocurrencies like Dogecoin (DOGE) into the social network’s ecosystem.

With an intraday gain of 11.6%, the DOGE price is likely to challenge the pennant pattern’s upper trendline. A breakout above the structure would signal the resumption of recovery by providing buyers with suitable support. 

The post-breakout rally may push the Dogecoin price 46% higher to hit $0.26, registering a potential gain of 48.6.%. 

Also Read: Dogecoin Price Rallies As DOGE Whale Transactions Surge 600% in a Month.

Technical Indicator

• Bollinger Band: A squeezed range of Bollinger Band indicators reflects increasing volatility in this asset.
• Relative Strength Index: The daily slope above 50% reflects the buyers continue to have an upper hand over sellers.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.