Dogecoin Price Analysis: Will DOGE Reclaim $0.15 Before June End?
Dogecoin Price Analysis: The ongoing correction trend in the crypto market took a halt on Tuesday as the Bitcoin price rebounded from the $60000 support. The 2.3% jump in BTC price sparked a fresh relief rally in the altcoin market especially in volatile assets like Meme coin. The Dog-themed memecoin DOGE is up 7.3% today developing a reversal pattern at a multi-month support.
Since late March, the Dogecoin price has witnessed a steady correction under the influence of flag pattern formation. The two converging trendlines acting as dynamic resistance and support have tumbled the asset value from $0.228 to $0.113 registering a 50%.
If the pattern holds true, the DOGE price is under a temporary pullback which allows it to replenish exhausted bullish momentum for a higher rally. As the selling pressure in the crypto market eased, this Dog-themed memecoin stabilized above the pattern’s lower trendline at $0.113.
For buyers to regain better control over this asset, a sustainable breakout from the downsloping is needed. Doing so will signal the end of the correction pattern and bolster buyers to chase a potential target of $0.175, followed by $0.228.
On a contrary note, the correction trend will prolong until the two converging trendlines are intact.
Technical Indicator
RSI: The daily Relative Strength Index rebounded at the 30% neckline of the oversold region highlighting the increasing buying pressure for this asset after a notable correction.
EMAs: The 50W Exponential Moving Average slope adds a layer of support at $0.113 to prevent further correction.
