As Bitcoin price recovered sharply, popular altcoins saw different directions. Meanwhile, the popular meme coin Dogecoin maintained a strong uptrend bringing positive expectations for the week ahead. After a brief surge in the first few days of the month, DOGE price consolidated along with the gains. Therefore, this suggests that the price is preparing for the next price move with a target of $0.2 in the coming days.
The price has formed a head and shoulders pattern as it has been trading at clear highs since the beginning of March. However, the price has rebounded from the neckline, offsetting the bearish outlook. Therefore, the current trading structure suggests that the price is moving strongly towards the breakdown of the $0.18 resistance level, while in the bigger picture, $0.22 seems to be a target that will be surpassed soon.
The long-term or monthly chart of DOGE’s price shows a clear bullish outlook for the coin. Despite medium-term volatility, the coin has been holding onto significant gains as the recovery appears to be within a parabolic curve. The coin has been forming similar patterns previously where after reaching the neckline, a major breakout led the price towards higher targets. Therefore, market participants may expect the price to continue rising in a consolidation pattern until the price touches the neckline at $0.28.
Furthermore, the RSI, which had a bearish divergence in March, has returned to bullish territory again. Therefore, the price of Dogecoin, which has surged more than 3% in the past 24 hours and nearly 18% in the past week, is expected to surge 20% to 25% in the coming days to $0.22.
(Personal opinion, not a recommendation)
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