Can DOGE Price Withstand a Market Correction and Achieve a 2x Breakout?

Since early July, the market's interpretation of pullbacks has favored short-term corrections aimed at restoring overall bullish momentum. However, as one of the fastest-growing meme coins, Dogecoin (DOGE) was not immune to the market correction and faced significant selling pressure. In the past 24 hours, the prices of major meme coins including Shiba Inu (SHIB), Pepe Coin (PEPE), and BONK have all fallen by 5-6%.

Dogecoin price performance analysis:

Technical graphics:

Support and Rebound: During July’s market recovery, DOGE price rebounded sharply from the $0.915 support level, ensuing a 57% increase and challenging the upper limit of the channel wedge pattern at $0.143. Currently, the DOGE price has fallen back to $0.124, and the market value has dropped to $18.14 billion. Wedge Pattern: The falling wedge pattern usually signals that the market will experience a stable downward trend, although this pattern may also set the stage for a subsequent rebound. The recent reversal suggests that the corrective trend may continue, with sellers likely to be in the driver's seat for some time.

Technical indicators:

MACD Indicator: The MACD (blue) has a bearish crossover with the signal line (orange), indicating that the current bullish momentum may be waning. If this trend continues, sellers may tighten their grip on the market, driving prices even lower. EMA Indicator: DOGE price fell below the 200-day EMA, reflecting the bearish sentiment among market participants. A breakout of the 200-day EMA often signals a change in trend, especially in a downtrend.

Future trend prediction:

Possible rebound:

Support: Since wedge patterns often signal a maturing downtrend, this could act as a strong support area if DOGE price falls near $0.1. Buyers may rebound here and try to break above the upward resistance. Price Target: Once DOGE breaks out of the current technical resistance range, the price target could reach $0.228, with a rebound expected to exceed 20%.

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