Can the sub-level rebound of Dogecoin revive the market atmosphere?
Dogecoin Price: Cryptocurrency markets are reeling amid uncertainty as Bitcoin price struggles to sustain a $60,000 reversal. The supply of administrative fees has limited the growth of several major altcoins, but not Dogecoin.
The dog-themed currency recently bounced off the 61.8% Fibonacci retracement level and surged nearly 40% in 4 days, currently trading at $0.17. Will this momentum continue above $0.22?
Analysis of the daily time frame shows that Dogecoin price correction is strictly resonant between two converging trend lines, exchange quan+榦:tq58956 which hints at the formation of a pennant pattern. This chart setup often occurs between established uptrends as it signals that buyers will occasionally pull back to regain strength.
DOGE price saw significant inflows mid-week, bouncing from $0.122 to $0.177. This rise may be influenced by the progress of Elon Musk's financial service X Payments, which has successfully expanded its operational footprint by obtaining money transmission licenses in Illinois, New Mexico, and Oregon.
The acquisition of these licenses has sparked new discussions about the potential of cryptocurrencies such as Dogecoin (DOGE) to be included in the social network ecosystem.
DOGE price is up 11.6% intraday and may challenge the upper trendline of the pennant pattern. A breakout of this structure would signal the resumption of recovery, providing buyers with appropriate support.
A post-breakout rally could push Dogecoin price up 46% to $0.26, for a potential gain of 48.6%.
Bollinger Bands: The shrinking range of the Bollinger Bands indicator reflects increased volatility for the asset. Relative Strength Index: The daily slope exceeds 50%, reflecting that buyers continue to have the upper hand over sellers.
