DOGE Price Analysis: Double-Bottom Hints at Explosive Gains!

The post DOGE Price Analysis: Double-Bottom Hints at Explosive Gains! appeared first on Coinpedia Fintech News

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.