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Dogecoin

Dogecoin’s Pullback Nears Its End: Price Action Shows Signs Of A Rebound

Godspower Owie
by Godspower Owie
6 months ago
·
Posted in Dogecoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Since the beginning of this year, Dogecoin, the largest meme coin, has been riding the bearish wave, dropping from its yearly high of $0.48 to as low as $0.15. DOGE’s persistent descent is a testament to the highly volatile nature of the cryptocurrency market. Nonetheless, this substantial drop might be nearing its end as analysts identify developments that signal a possible price reversal. This growing stability has also fueled interest in Dogecoin casinos, where players can use DOGE for fast and anonymous transactions in online gambling.

DOGE’s Potential For A Major Rebound Continues To Rise

After a prolonged struggle to undergo a rally, Dogecoin may be gearing up for an upward move. Dogecoin’s recent price action shows that the dog-themed meme coin is showing signs of stabilization as several indicators signal a possible price reversal.

Related Reading: Dogecoin’s Price Drop Laying The Groundwork For A Major Upside Move, A New All-Time High Close?

In an X (formerly Twitter) post, Ali Martinez, a seasoned technical and on-chain analyst, predicted an upsurge for DOGE in the short term. The analyst forecast hinges on key momentum signals like the Stock Relative Strength Index (RSI), which is starting to turn positive during ongoing volatility.

Dogecoin
Stock RSI to bolster DOGE’s upward momentum | Source: Ali Martinez on X

A Stock RSI indicator turning positive within bearish market conditions indicates growing upward momentum. As a result, Ali Martinez believes that the meme coin could be preparing for a major rebound toward higher levels.

Rally Imminent As Dogecoin’s Price Bottoms Out

Market expert and investor Trader Tardigrade also shared an analysis that hints at a potential rally, with the possibility that DOGE might have reached its bottom. His prediction has sparked optimism toward Dogecoin as technical indicators hint at a possible change in momentum and its price consolidating near critical support levels.

Related Reading: Dogecoin Recovery Drawing Close? A Bullish Breakout From Descending Chart Patterns Imminent

Delving into DOGE’s price action in the monthly time frame, Trader Tardigrade pointed out a massive Macro Channel formation. A Macro Channel is a technical formation that describes a long-term trend in which an asset fluctuates between two parallel trendlines, suggesting a possible consolidation or a persistent price action.

DOGE seems to have been following this huge chart pattern since the meme coin was introduced in the ever-dynamic world of cryptocurrency. While DOGE has followed the macro channel pattern, deviations have typically emerged at the edges of the channel.

However, if DOGE stays inside the macro channel without deviating this time, it may imply that a bottom has been reached. With Dogecoin reaching a bottom, Trader Tardigrade is confident that a massive upward move will follow.

Looking at the chart, the expert predicts the upcoming rally to reach as high as $4 and beyond, marking a new all-time high for the meme coin and probably its best bull run market cycle ever. When DOGE faces an upside direction, it signals the start of a renewed phase for prices and the confirmation of the current downward trend.

At the time of writing, DOGE was trading at $0.16, demonstrating a 24-hour decline of nearly 2%. Investors’ sentiment is becoming bearish, as evidenced by a more than 12% decrease in trading volume in the past day.

Dogecoin
DOGE trading at $0.16 on the 1D chart | Source: DOGEUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Godspower Owie

Godspower Owie

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Godspower Owie is my name, and I work for the news platforms NewsBTC and Bitcoinist. I sometimes like to think of myself as an explorer since I enjoy exploring new places, learning new things, especially valuable ones, and meeting new people who have an impact on my life, no matter how small. I value my family, friends, career, and time. Really, those are most likely the most significant aspects of every person's existence. Not illusions, but dreams are what I pursue.

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