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With a double-bottom reversal rally, will Dogecoin conclude a long-coming bear trend for a price jump to $0.15?
The crypto market stands at $2.231 trillion, and the bullish recovery in the crypto market refreshes the bullish momentum in meme coins. The highest-ranking meme coin, Dogecoin, with a market cap of $16.97 billion, is currently trading at $0.1156.
DOGE prices have increased by 2.56% in the past 24 hours and account for a 7.59% surge in the last 7 days. Will the meme coin witness a trend reversal rally as the anticipation of altcoin season increases?
Dogecoin Hangs at the 200-day EMA Balance
Dogecoin is making a comeback with a double-bottom reversal, with the baseline at the $0.10 psychological mark after a massive four-day crash of nearly 20% in early October. The double-bottom reversal breaks the neckline at the 23.60% Fibonacci level at $0.11349.
Furthermore, the breakout occurred with a 4.75% jump last night, creating a bullish engulfing candle. However, pressing sudden breaks over the bullish trend, the exhaustion leads to an intraday pullback of 0.97%.
Currently, the meme coin is trading at a discount of 49.27% from the 52-week high of $0.22850. Furthermore, the recent Double Bottom breakout rally struggles to surpass the 200-day EMA at $0.11670.
The MACD and signal lines give a bullish crossover as Dogecoin gains momentum with the double-bottom breakout. Furthermore, the growing bullish influence results in an uptick in the 50-day EMA, increasing the chances of a bullish crossover with the 100-day EMA. Hence, the technical indicators flash a buy signal for the meme coin and bolster the breakout chances.
Dogecoin Price Targets
A long-coming resistance trendline stands in the way of a bullish recovery that has failed multiple breakout attempts. However, if Dogecoin breaks the resistance trendline in the upcoming bull market, the 50% and 61.80% Fibonacci levels, at $0.14265 and $0.1580, respectively, are the near-term price targets.
On the flip side, the immediate support is the 100-day EMA near the 23.60% Fibonacci level at $0.1127.