- DOGE price recovery has stalled in the past few days.
- It has formed a cup and hand pattern on the daily chart.
- There is a possibility of a 85% jump to March highs.
Dogecoin price has struggled in the past few days as the recent momentum faded and as the US dollar index pulled back. DOGE retreated to a low of $0.085, which was a few points below this week’s high of $0.0950. In this article, we will conduct a multi-timeframe analysis to predict whether Dogecoin price will rebound soon.
Dogecoin price daily chart analysis
On the daily chart, we see that DOGE price has been under pressure in the past few days. Its attempt to recover has found a strong resistance at $0.10, where it failed to move above this month. Dogecoin remains slightly above the 25-day and 50-day exponential moving averages.
A closer look shows that the coin has formed what looks like a cup and handle pattern, which is usually a bullish sign. The recent pullback is mostly because of the formation of a handle pattern. Meanwhile, it is worth noting that the Relative Strength Index (RSI) has moved slightly below the overbought point at 70.
Therefore, because of the cup and handle pattern, we can assume that the coin will restart the bullish trend in the near term. If this happens, Dogecoin will likely rise and reach a high of $0.1585, which is about 80% above the current level. It was the highest swing price on November 1.
This view will be confirmed if the price moves above the important resistance point at $0.010, which is the upper side of the cup and handle pattern. The view will be stopped if it moved below the key support at $0.075.
Read more: How to buy Dogecoin.
DOGE price prediction 4H chart
Turning to the 4H chart, we see that Dogecoin price has been rising in the past few weeks. It has remained above the ascending trendline shown in black. This trendline connects the lowest levels since March 10 of last year. It is also consolidating slightly below the 25-day and 50-day moving averages. The Relative Strength Index has moved slightly below the neutral point of 50.
Therefore, despite the recent pullback, Dogecoin remains in an upward trend, which will see it rise above the resistance point at $0.15. The bullish view will remain as long as it is above the ascending trendline. A drop below that trendline will see the coin drop to the next support at $0.800, the lowest point on April 11.
