Will DOGE Price Reclaim $0.07? Chart Pattern Gives Green Signal

Will DOGE Price Reclaim $0.07? Chart Pattern Gives Green Signal

Demand pressure around the $0.059 mark could DOGE price to escape the range structure; time to enter?

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Amid the prevailing bearish sentiment in the crypto market, the Dogecoin price retreated from the weekly resistance at $0.064 on October 2nd. This subsequent pullback led to a 4.7% decline over the past five days, positioning the coin at a current price of $0.061. The question now lingers: will the heightened sell-side activity extend the correction, or will DOGE continue its range-bound movement?

Also Read: Russian Court Issues Warrant for Arrest In 2,718 Bitcoin Bribe Scandal

Will New Found Recovery Hit $0.07?

  • The DOGE price to prolong the sideways trendline until the rectangle pattern is intact
  • A bullish breakout from this $0.064 barrier could set the coin price at 7%
  • The 24-hour trading volume in Dogecoin is $104 Million, indicating a 7% loss 

TradingView ChartSource-Tradingview 

In the last five weeks, the DOGE price action has predominantly oscillated within a well-defined range between $0.064 and $0.059. This lateral movement has seen multiple rebounds off both support and resistance levels, attesting to the robustness of this trading range. 

With today’s minor intraday decline of 0.2% and the broader market’s bearish undertone, there’s potential for this memecoin to dip to the range’s lower limit at $0.059. However, until the coin price breaches either boundary of this range, it’s likely to persist in this lateral phase. 

Anyhow, should the bulls muster enough strength to decisively surpass the $0.064 resistance with a confirmed daily close above, this could instill confidence among traders for further upside. A breakout from this range could potentially propel the DOGE price by approximately 7% towards the $0.068 mark, with subsequent targets set at $0.079.

DOGE vs SHIBA Performance

Doge vs SHIBSource: Coingape| Dogecoin Vs Shiba Inu Price

Drawing a comparative analysis, Dogecoin has displayed relatively stable price dynamics over the past three months, especially when compared against Shiba Inu price, which has witnessed a pronounced decline. Although both of these meme coins hover near their monthly lows, Dogecoin’s comparatively steadfast performance amidst market turbulence positions it favorably for a potential bullish resurgence.

  • Vortex Indicator: The multiple crossover between the VI+ (blue) and VI- (pink) slopes reflects uncertainty among market participants. 
  • Exponential Moving Average: The coin price trading below daily EMAs(20, 50, 100, and, 200) reflect the overall market trend bearish
  • Bollinger Band: The narrow range of the Bollinger Band Indicator reflects high volatility in this asset.

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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.


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