Will DOGE Reclaim $0.15 Before June End?

Dogecoin Price Analysis: The ongoing corrective trend in the cryptocurrency market was halted on Tuesday as Bitcoin price bounced off the $60,000 support. A 2.3% rise in BTC price sparked a new rally of relief in the altcoin market, especially in volatile assets like meme coins. Dog-themed meme coin DOGE is up 7.3% today and forming a reversal pattern at multi-month support.

Related Article: Bitcoin Price: Flag Pattern and On-Chain Data Signals Reversal to $88,000 Soon

Dogecoin Price Analysis: Flag Pattern and Double Bottom Signal Potential Upside

Dogecoin Price Analysis | Tradingview

Since late March, Dogecoin price has been steadily correcting following the influence of a flag pattern formation, with the asset’s value dropping 50% from $0.228 to $0.113 due to two converging trendlines acting as dynamic resistance and support.

If this pattern holds true, DOGE price is in a temporary pullback phase, which could weaken the bullish momentum and propel it further up. As selling pressure in the cryptocurrency market eased, the dog-themed meme coin stabilized above the pattern’s lower trendline at $0.113.

An analysis of the 4-hours chart shows a double bottom pattern at the aforementioned support. If buyers can turn the $0.129 resistance into a potential support, DOGE price can rally by another 10% and target the overhead trendline at $0.14.

A sustained breakout from the downtrend is needed for buyers to gain better control over the asset, which would signal the end of the consolidation pattern and encourage buyers to chase potential targets of $0.175, followed by $0.228.

Conversely, the corrective trend will continue until the two converging trendlines hold.

Technical Indicators

  • RSI: The daily relative strength index bounced off the 30% neckline of the oversold region, highlighting growing buying pressure on the asset after a notable correction.
  • EMA: The sloping 50W exponential moving average provides an additional layer of support at $0.113, preventing further corrections.

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