Will DOGE Price Survive Market Pullback For A 2x Breakout Run?

Published by

Sohrab Khawas

July 25, 2024

After early July, the correction is viewed as a temporary pullback to recuperate the bullish momentum. However, as one of the market’s fastest movers, meme coins experience a massive surge in selling momentum as the broader market corrects. In the last 24 hours, the leading assets such as Dogecoin (DOGE), Shiba Inu (SHIB), Pepe Coin (PEPE), and BONK showed a 5-6% price drop.

Is this pullback worth selling, or is holding for a rebound a better option? Read our DOGE price prediction NOW to find out.

Dogecoin Price Performance

Amid the July market recovery, the Dogecoin price rebounded sharply from the $0.915 support. The renewed recovery uplifted the asset by 57% to challenge the upper boundary of the channel wedge pattern at $0.143.

The overhead resistance aligned with the recent market sell-off reverted the DOGE price by 13% to trade at $0.124. Meanwhile, the market cap of the biggest meme coin in the crypto world has dropped to $18.14 Billion.

In theory, the falling wedge pattern is known to drive a steady downtrend between two converging trading pairs before buyers build sufficient momentum for an upside breakout. A recent reversal from the upper boundary hints that the correction trend is set to prolong, and sellers may remain a dominant player for a while.

MACD: The MACD (Blue) and signal (orange) leaning towards a bearish crossover accentuate the wakening bullish momentum. If successful, the sellers could strengthen their grip and drive the meme coin lower.

EMA: The DOGE price dip below the 200D EMA highlights a bearish sentiment among market participants.

Will The DOGE Price Breakout Run Surpass $0.25?

With sustained selling, a bearish reversal with the wedge pattern could push the DOGE price over 20%. This will retest the psychological level of $0.1 and the support timeline in action.

However, as mentioned above, the falling wedge pattern typically indicates the maturity of a downtrend. As the broader market remains bullish, the DOGE buyers could counterattack at $0.1 and aim to breach the upper boundary.

A bullish breakout from the wedge pattern will signal an early sign of trend reversal and bolster a rally targeting a $0.228 peak.

Sohrab Khawas

Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.