Dogecoin Price Prediction: Over the past two weeks, Dogecoin (DOGE) has seen a remarkable recovery, rising from $0.075 to a recent high of $0.091, an impressive 28.8% increase. This rally is likely driven by positive investor sentiment, bolstered by Dogecoin’s recent association with several space programs. During this rise, DOGE price successfully broke above the resistance trend line of a long-established triangle pattern, suggesting a possible trend reversal.
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Dogecoin price escapes 2-year accumulation
- DOGE price breakout of the triangle pattern hints at the continuation of the recovery trend.
- The middle line of the Bollinger Band indicator can act as dynamic support amidst occasional pullbacks.
- The 24-hour trading volume on Dogecoin is $1.05 billion, indicating a 96% gain.
Dogecoin Price Prediction | TradingView Chart
For over two years, Dogecoin price has been confined within the converging trend lines of a symmetrical triangle pattern. This chart setup has taken memecoin through a prolonged accumulation phase, following the major downtrend it experienced from May 2021 to May 2022.
However, as the cryptocurrency market gradually returns to a recovery mode, the DOGE price has shown a strong rally since mid-October. The price rose from $0.0572 to $0.089, which is a growth of 55% in just two months.
On December 2, buyers achieved a bullish breakout from the upper boundary of the triangle pattern, indicating a change in market sentiment. According to the pattern setup, each high that retests the upper trendline could serve as a target for the triangle pattern, suggesting that Dogecoin’s recovery trajectory may point to a significant rise to $2.06, leading to which is equivalent to a potential growth of 78.84%.
However, this predicted uptrend could encounter resistance at $0.105 and then $0.132.
DOGE Performance vs. SHIB
Coingape| Dogecoin Price vs Shiba Inu
Compared to Bitcoin, both cryptocurrencies have shown substantial recovery in the last two weeks. While Bitcoin’s price rise has been more consistent, Dogecoin’s price trajectory included occasional pullbacks. Therefore, Doge holders should resist this correction and take advantage of it as buying opportunities.
- Bollinger Band: A rally at the upper limit of the Bollinger Band indicator reflects that buyers are aggressive on this asset.
- Convergence and divergence of moving averages: A bullish crossover between the MACD and the signal line accentuates the recovery sentiment that is intact in DOGE.
