Dogecoin (DOGE) has climbed above $0.122, signaling a recovery after a period of consolidation over the last five months.
If Dogecoin breaks above $0.1164, it may lead to more gains, targeting around $0.150 and $0.215.
Dogecoin (DOGE) is showing positive momentum as it recovers from recent lows, with a significant price surge of over 10% in the past 24 hours. After hitting a low of $0.1135, it climbed to a high of $0.1248. This marks a notable shift after months of consolidation, as DOGE has been in a stagnant phase for the last five months.
Despite Dogecoin’s recent price decline, the anticipation of developments in the crypto market for Q4 2024 has sparked interest in a possible breakout. Since September 25th, DOGE has displayed a gradual upward trend. Analysts are now speculating about the potential for a bull run, which could see DOGE surpass the resistance level of $0.20, reaching yearly highs.
Technical Analysis: Bullish Outlook for Dogecoin
According to the Dogecoin’s price patterns, recent formations indicate a bullish bias. Historically, the DOGE/USDT trading pairs have formed triangle patterns that typically lead to price increases. However, after reaching $0.23 in April 2023, the asset’s behavior has changed, with the latest triangle formations showing a downward trend.
However, the recent recovery around the $0.12 zone signals further upward movement. A break above $0.1164 could pave the way for an increase, especially as whale investors are currently profiting from significant purchases made between $0.085278 and $0.100710.
Dogecoin (DOGE) Price chart (Source: TradingView )
Moreover, Dogecoin has surpassed the 100 MA on the 4-hour chart, and its position is above both the 100 and 200 MA. If Dogecoin manages to break through $0.215, it could signal a major bullish shift and the possibility of a long-term trend reversal.
The formation of a golden cross, where the short-term moving average crosses above the long-term moving average, further validates this bullish rally. This phenomenon is often seen as a strong indicator of an impending bull market in Dogecoin.
Further, The MACD for Dogecoin is currently above the signal line, indicating bullish momentum in its price movement.
At this point, its price is above the 23% Fibonacci level at $0.11736, which has acted as a significant resistance zone. A confirmed breakout above $0.136 could propel Dogecoin’s price to $0.150 and even $0.212.
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