Is Dogecoin's recovery coming? Bullish indicators emerge #dogeburn
Dogecoin is slowly seeing a rebound. If this trend sustains, DOGE can reclaim the $0.10 mark soon.
• Dogecoin has shown signs of recovery after a recent dip, with analysts pointing to bullish reversal patterns.
• A potential MACD crossover and RSI suggested a possible surge in Dogecoin’s price.
Dogecoin [DOGE], the popular meme-based cryptocurrency, has seen a noticeable decline in its price over the past week, dropping by 5%.
However, the asset was showing signs of recovery, with a 1% increase in the past day, bringing its trading price to $0.1008 at the time of writing. This marked a significant rebound from the lows of $0.096 recorded earlier this week.
Technical outlook on Dogecoin #DogeLove
Amid these price movements, several crypto analysts have shared their insights on Dogecoin’s future price action.
Among them is the well-known crypto analyst Trader Tardigrade, who expressed a bullish outlook in a post on X (formerly Twitter).
He pointed out a potential bullish reversal for Dogecoin, highlighting a “Diamond Reversal Pattern” on the DOGE H4 chart.
According to Tardigrade, this pattern indicated that Dogecoin may have reached its bottom in the current downtrend.
A bullish crossover in the MACD (Moving Average Convergence Divergence) is likely to happen soon, which could signal a strong upward move for the asset.
The Diamond Reversal Pattern is a technical analysis chart pattern that signals a potential reversal in a security’s price trend.
Typically, this pattern forms after a prolonged trend, either bullish or bearish, and resembles a diamond shape on the chart. The pattern begins with a widening price range that eventually narrows, forming a diamond. #DogeForever
A breakout from this pattern, usually in the opposite direction of the prior trend, indicates a potential reversal.
