Story Highlights
Dogecoin price remains above the 50-day SMA and resumes bullish momentum.
DOGE price has rebounded strongly, gaining 8% in the past three days.
A sustained recovery is expected to reach the psychological mark of $0.10.
Following the downtrend caused by the criminal charges against Binance, the DOGE price managed to avoid falling below the 50-day moving average. However, before rebounding, the short-term downtrend cut the market price from $0.087 to $0.0717 in four days.
Nonetheless, the meme coin sustained the falling wedge breakout rally and quickly recovered along with the market sentiment. Hence, the DOGE price prediction hints at a moonshot soon.
Market recovery, Dogecoin rises from the ashes
After the falling wedge breakout, DOGE price action maintained an overall uptrend but with increased volatility bringing multiple pullback phases. Buyers are under constant pressure to absorb the supply waves as each pullback increases in strength.
The Dogecoin price trend remains volatile with the latest pullback testing the 50-day SMA by 17.51%. However, buyers managed to regain bullish momentum and rallied above the $0.0770 mark.
Currently, DOGE price is trading at the $0.0777 mark, with an intraday gain of 1.71% and a three-day gain of 8.40%. Moreover, the increase in trading volumes supports the bullish recovery and portends a long-term recovery for the memecoin.
Technical indicators:
MACD Indicator: The bearish crossover of MACD and Signal line reverses as the recovery rally begins. MACD and Signal line are ready to return to bullish alignment and form a positive crossover.
EMA: The golden cross maintains the pullback pressure and continues to reflect the positive trend.
Will DOGE price reach $1?
Despite the recent criminal charges against Binance, altcoins are ready for a new alt season as the overall market recovery continues. Similarly, memecoins are gaining traction during this blue ocean phase and are expected to make a comeback in the coming months. Therefore, the chances of Dogecoin price reaching the $1 mark are improving significantly, and the target may be reached within the next year.
In the short term, a break above $0.080 could see DOGE price move towards the $0.10 barrier. However, a break below $0.70 could lead to a retest of $0.0661.
