Dogecoin (DOGE) Price Analysis: Signs of Recovery and Potential Bullish Breakout

Dogecoin (DOGE) is gaining momentum after a prolonged period of decline. The meme coin’s recent strides suggest a possible shift towards bullish territory.

Dogecoin (DOGE) price has been rallying over the last few days, showing promising signs of recovery from a prolonged downtrend. Several crypto analysts are keeping a close eye on DOGE’s movements, and some predict a potential bullish breakout soon.

After breaking below the $0.174 threshold on May 26, DOGE encountered significant bearish pressure. Despite several attempts to rally, the meme coin failed to cross this crucial level.

The bearish momentum continued, driving the price lower along a downward trendline. On June 18, DOGE found support at $0.11, marking a 35% decline from the previous local top. Over the last few days, DOGE has been consolidating between $0.11 and $0.12. This range-bound trading activity suggests a period of price stabilization and potential accumulation.

However, today’s price action shows promising signs for DOGE. On the daily timeframe, we can observe rising green candles, indicating increased buying activity and a gradual return of buyers to the market.

Traders should remain observant and watch for sustained buying pressure, especially if DOGE manages to break through the $0.14 level, which could strengthen the case for a more significant rebound.

DOGE trades at $0.125, showing a 3% increase over the last 24 hours. Moreover, its trading volume sits at $406 million, up more than 28% in the past day. Seeing that the price is increasing simultaneously with the trading volume shows buyers are gradually entering the market.

Several crypto analysts are bullish on Dogecoin’s price. On June 30, Ali Martinez, a well-known crypto analyst, predicted a significant surge for DOGE. The analyst claims a vital tool, the TD Sequential indicator, shows a strong buy signal for Dogecoin in the three-day timeframe.

“The TD Sequential presents a buy signal on the Dogecoin 3-day chart, predicting a rebound of one to four candlesticks for $DOGE,” says Martinez.

For context, the TD Sequential indicator helps predict price changes in cryptocurrencies. It shows when to buy or sell based on patterns.

Some analysts believe DOGE could reach its previous all-time highs in 2024. Javon Marks, a crypto analyst on X, shared yesterday’s ambitious prediction on the X platform. He forecasts a 404% increase for Dogecoin, potentially reaching its previous peak price.

“$DOGE (Dogecoin) and its next leg up towards the current breakout target @ $0.6533 may be a matter of time and prices could be preparing here for a break above!

As of current, with a price breakout holding, a roughly +404% run to reach this target can be loading…”

This bold projection has caught the attention of many investors. Furthermore, another analyst, BigMike, predicts a significant rise in DOGE’s price.

He uses Elliot Wave theory to forecast DOGE reaching around $0.67, up from its current level. Also, BigMike’s analysis suggests the end of a corrective phase for Dogecoin. He believes a strong uptrend may be starting soon.

“$doge wave analysis.

The analyst identifies Wave 1, showing initial bullish momentum, starting below $0.08 and peaking at $0.219. After this rise, the chart shows a corrective phase with an A-B-C pattern. This pattern is typical in Elliott Wave theory.

BigMike says the correction phase is necessary for setting up the expected bullish Wave 3. The analyst’s prediction indicates a potential 431% increase from Dogecoin’s current price.

Meanwhile, Dogecoin (DOGE) is approaching a critical price level, which will determine its next move. DOGE is heading towards the 200-day Simple Moving Average (represented by the red line), which is currently above the market price. A breakthrough above this 200-day SMA could signal strong bullish sentiment.

Notably, the 50-day SMA (yellow line) exceeds the 200-day SMA. This configuration is often called a “golden cross.” It typically indicates a bullish trend and the potential for further price increases.

DOGE’s Relative Strength Index is above 40, neither overbought nor oversold. So, there’s room for potential growth without immediate risk of a pullback. If DOGE successfully breaks above the 200-day SMA, it could trigger increased buying pressure.

This might attract more investors and potentially lead to a sustained upward trend. If DOGE fails to break this resistance, it might face a temporary setback.

In all, DOGE shows promising signs of recovery. The potential break above the 200-day SMA and the golden cross formation suggest possible bullish momentum. However, traders should monitor key levels for

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