DOGE Price: Can the Doji Star pattern trigger a rebound above $0.5?

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The trading activity of Dogecoin on the daily chart indicates that DOGE may have found a potential local bottom.

The Dragonfly Doji candlestick appeared at the Fibonacci retracement level of 0.618, at $0.27295, indicating that DOGE price was rejected at this level.

This pattern typically signals a reversal, suggesting that Dogecoin may have established a solid support point after a downtrend.

As the candle formed, market sentiment seems to have shifted, with the tail dropping to a low of $0.14223 and then closing near the opening price, reflecting strong buying pressure at lower levels.

The appearance of a Doji pattern at key Fibonacci levels usually indicates that sellers are exhausted, leading to a balance between buyers and sellers.

If the support level holds, DOGE may experience a rebound, with a potential target of breaking through the $0.50 mark, especially if the overall market sentiment remains positive.

Considering the historical price reactions to such patterns, this could confirm the reversal signal and potentially trigger a sustained upward trend.

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