Concluding the leftover effects of the pullback phase, Dogecoin makes a remarkable comeback with a bullish break. Fracturing the overhead resistance trendline to cross the crucial EMAs in the weekly chart, the buyers signal a sharp reversal opportunity in the DOGE price trend.
Trading at a discount of 87% from its all-time high of $0.7376, the DOGE price is climbing back in the top-tier coins. Further, the ongoing market recovery sets the stage for the meme coins to take off for a new bull run.
Also, being the top-rated meme coin with the biggest market cap, the bulls significantly influence the Dogecoin price predictions.
Igniting the trend reversal with the trendline breakout, the DOGE price tests the bearish dominance at the $0.10 psychological mark. Further, the bullish spike finds community support through increased trading volume supporting the jump.
Accounting for a 19% jump last week, the bullish spirit hits the pause button to retest the breakout range at $0.092. However, the correction of 5.98% at present comes with a long tail formation and teases a stronger comeback.
Currently, the DOGE price trades at $0.0963 and sustains above the 200-week EMA. Moreover, in the daily chart, the morning star pattern forming at the $0.093 mark reflects a high possibility of a bullish reversal.
Technical indicators:
MACD indicator: Ignoring flash corrections’ short bearish ambient noise, the MACD and signal lines continue the progressive trajectory. Further, the bullish momentum is on the rise as per the rising intensity of the positive histograms.
EMA: As Dogecoin sustains above the $0.090 mark, the 50-week EMA takes a bullish turnaround and rises higher. This increases the likelihood of a golden crossover and may soon provide a cushion to prolong the uptrend.
Despite the quick correction this Monday, the market is returning to its pre-pullback levels and gaining momentum. On a similar trend, the DOGE price is rising with the intent to give a bullish break to a trend continuation pattern.
Considering Dogecoin manages to exceed $0.116, the breakout rally can reach out for the next big jump to the $0.15 mark. Accounting for a jump of almost 60%, the bull run will face an enormous supply zone at this psychological level.
Conversely, a fall below the $0.0.08 mark can result in a price drop to $0.070.
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