Following the downtrend due to the criminal charges on binance the DOGE price managed to avoid a downfall below the 50-day EMA. However, before the bounce back, the short-term downtrend cut the market price from $0.087 to $0.0717 within four days.
Nevertheless, the meme coin sustains the falling wedge breakout rally and recovers quickly with the market sentiments. Therefore, the DOGE price prediction hints at a moonshot shortly.
Dogecoin’s Phoenix-like Recovery Amid Market Recovery
Following the falling wedge breakout, the DOGE price trend maintains an overall uptrend, but the increased volatility brings multiple pullback phases. With the intensity of each pullback increasing, the buyers are under constant stress to absorb the supply waves.
With the most recent pullback testing the 50D EMA accounting for a 17.51% drop, the Dogecoin price trend remains volatile. However, the buyers managed to regain bullish momentum and bounce back above the $0.0770 mark.
Currently, the DOGE price trades at the $0.0777 mark with an intraday growth of 1.71% and pumps the 3-day growth to 8.40%. Moreover, the increased trading volume supports the bullish recovery and teases a long-term recovery for the meme coin.
Technical indicators:
MACD indicator: The bearish crossover of the MACD and signal lines takes an about-turn as the recovery rally initiates. The MACD and signal lines prepare to return to a bullish alignment with a positive crossover.
EMA: The golden crossover sustains the pressure of pullback and continues to reflect a positive trend.
Will DOGE Price Reach $1?
As the overall market recovery continues, despite the recent criminal charges on Binance, the altcoins are ready for a new altseason. Similarly, the meme coins are gaining traction in this blue ocean phase and teasing a remarkable comeback in the coming months. Therefore, the chances of the price of Dogecoin reaching the $1 mark are improving significantly, and the goal may be reached by next year.
In the short term, the DOGE price, with a $0.080 breakout rally, can reach the $0.10 mark. However, a downfall under $0.70 can retest $0.0661
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