Dogecoin (DOGE) demonstrated several price changes during recent months and expert analysts predict its value will grow beyond current levels. Technical indicators show ascending price patterns that support growing crypto market interest in DOGE. The technical formations signal positive price momentum which indicates DOGE could rise toward new levels.
Bullish continuation patterns for DOGE
According to Crypto Elites, the technical chart for Dogecoin reveals a sequence of ascending price patterns formed by triangles. These patterns are recognized as bullish continuation formations. The first triangle shows a significant breakout, followed by a smaller consolidation before another breakout.
The sequential rise in prices indicates DOGE might achieve additional price growth. The price consolidation phases can be observed through triangular formations, which lead to upcoming price rises.
The variations in volume alongside the spaced distance between triangles demonstrate increasing market interest in DOGE. The target is set at $5, based on the continuation pattern. If the trend continues, DOGE could reach higher levels in the coming days.
Technical indicators show potential reversal
The Dogecoin price chart incorporates fundamental technical indicators consisting of Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD). RSI analytics currently measure 33.91 indicating the beginning of the oversold territory. The asset price often signals undervaluation before upward movement when RSI reaches values close to or below 30.
Furthermore, the MACD is currently negative, with the MACD line below the Signal line. However, as it is observed in the analysis of the charts, the gap in the two lines has narrowed, indicating the possibility of a fading bearish outlook.
DOGE current market movement
At the time of press, Dogecoin traded at a price value of $0.1705, with a 7.90% increase in the past 24 hours. The market capitalization of DOGE stands at $25.3 billion, reflecting a similar rise of 7.92%. The trading volume has decreased by 22.35%, now at $1.98 billion.
Data reveals that DOGE experienced substantial price growth from its initial value of $0.1576 up to $0.1705 demonstrating robust momentum. The coin demonstrates price behavior similar to general market trends due to increasing investor involvement.
