With a double-bottom reversal rally, will Dogecoin conclude a long-coming bear trend for a price jump to $0.15?
The crypto market stands at $2.231 trillion, and the bullish recovery in the crypto market refreshes the bullish momentum in meme coins. The highest-ranking meme coin, Dogecoin, with a market cap of $16.97 billion, is currently trading at $0.1156.
DOGE prices have increased by 2.56% in the past 24 hours and account for a 7.59% surge in the last 7 days. Will the meme coin witness a trend reversal rally as the anticipation of altcoin season increases?
Dogecoin Hangs at the 200-day EMA Balance
Dogecoin is making a comeback with a double-bottom reversal, with the baseline at the $0.10 psychological mark after a massive four-day crash of nearly 20% in early October. The double-bottom reversal breaks the neckline at the 23.60% Fibonacci level at $0.11349.
Furthermore, the breakout occurred with a 4.75% jump last night, creating a bullish engulfing candle. However, pressing sudden breaks over the bullish trend, the exhaustion leads to an intraday pullback of 0.97%.
Currently, the meme coin is trading at a discount of 49.27% from the 52-week high of $0.22850. Furthermore, the recent Double Bottom breakout rally struggles to surpass the 200-day EMA at $0.11670.
The MACD and signal lines give a bullish crossover as Dogecoin gains momentum with the double-bottom breakout. Furthermore, the growing bullish influence results in an uptick in the 50-day EMA, increasing the chances of a bullish crossover with the 100-day EMA. Hence, the technical indicators flash a buy signal for the meme coin and bolster the breakout chances.
Dogecoin Price Targets
A long-coming resistance trendline stands in the way of a bullish recovery that has failed multiple breakout attempts. However, if Dogecoin breaks the resistance trendline in the upcoming bull market, the 50% and 61.80% Fibonacci levels, at $0.14265 and $0.1580, respectively, are the near-term price targets.
On the flip side, the immediate support is the 100-day EMA near the 23.60% Fibonacci level at $0.1127.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
