- Dogecoin is now looking to retest the highs of $0.12700.
- The bears are trapped now because of the short covering in the price.
Doge recovered 46% in the last 7 trading sessions regaining momentum. The higher high and lows formation makes the bulls boost their muscles back. Doge trades in the rising channel, and the price trades above the significant moving averages.
In the previous month, Doge busted the range of the pennant and broke with a double-bottom formation. The pattern breakout directs the price to a high of $0.15890. The bears are then active due to covering the positions, resulting in profit booking and price retraces. However, as of now, the price was revamped much from the top and is now looking to achieve further targets.
DOGE on daily timeframe reclaims levels
On the daily chart, the bull’s resilience increases with buyers’ support, healing the coin price. The movement of the ADX also shows the trend is strong to showcase the targets of $0.12520, as per the fib retracement. Moreover, the trend is bullish, and trading volume also gains 8% in the last 24hrs. At the time of writing, DOGE is now trading at $0.1038 with a gain of 4.09%.
The price bounces back from its near-term support of $0.7050. The price broke the trendline in the prior session, and buyers were making long positions. The bullish sentiments are favourable now because of the corrective move earlier.
Bullish Cues in the shorter time frame.
On the 4-hour chart, Dogecoin forms the double bottom pattern, and its neckline also breaks with volume buildup. The breakout happened, and the price again retested the base of $0.9670.
RSI: The RSI is at 45, rebounding from the neutral range specifying that the move on the above side is willing to be seen in further sessions. Moreover, the moving average line also thrashes the signal line, which implies that the price indicates bullish moves.
MACD: The MACD indicator also determines that the bearishness is now at the end. The histogram is slightly red and ready to show the crossover, and the price also shows the up moves.
Conclusion:
Dogecoin price predicts the bullish cues on the daily and hourly chat. The bulls are now operating price action and making higher highs signaling that a new high can be seen soon.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
