DOGE Price Prediction: Despite the BTC Price Struggle, Dogecoin Ranks as a Top Performer

Despite the BTC price struggling at the $68000 level and the broader market chaos due to the US market elections, Dogecoin ranks as a top performer.

Dogecoin price analysis reveals a falling-wedge breakout rally that is gaining momentum. Based on the Fibonacci level, the uptrend reached 78.60% at $0.18352. However, the broader market correction led to a retest of the 50% Fibonacci level at $0.1440.

With a quick low price injection, the BTC price forms two consecutive bullish candles, accounting for a price jump of 13.80%. The Dogecoin price jump ranges from the 7-day low of $0.1420 to the current market price of $0.16169.

The trend reversal rally in the Dogecoin prices is starting to shape up a rounding bottom pattern. Further, the neckline of the bullish reversal pattern coincides with the 100% Fibonacci level at $0.2199.

Technical Indicators:

SMA: The 50-day and 200-day simple moving averages have a bullish crossover, supporting the upside chances.

Stochastic RSI: The K and D lines in the Stochastic RSI are ready for a bullish crossover.

Dogecoin price has an intraday gain of 2.19%, crossing above the 61.80% Fibonacci level and aiming to re-challenge the 78.60% decline. As the broader market remains volatile, the conditions will likely improve after the election phase.

Hence, the broader market recovery will likely propel the Dogecoin price to its 52-week high of $0.22899. Further, this will lead to a rounding bottom breakout rally. Based on the Fibonacci level, the optimistic target for the breakout rally is $0.37130 at the 1.618 level.

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