Dogecoin’s (DOGE) popularity has yet to peak, but the meme coin has plenty of room to rise in the coming days.
If the DOGE price breaks out of this pattern and closes above $0.38, it could surge by 50% to $0.58 levels.
Despite the promising outlook, DOGE appears to be struggling to gain momentum.
Dogecoin (DOGE) experienced a crazy rally after the results of the U.S. presidential election were announced and received a lot of attention from traders and investors. However, the meme coin seems to be showing weakness in the past few days. The weakness of DOGE's rally has raised questions about whether the DOGE bull run is over and whether the DOGE price will fall.
Stay optimistic about Dogecoin (DOGE)
Interest in DOGE has not peaked yet, as it did when it reached its all-time high.
However, as mentioned earlier, with interest in DOGE growing steadily, the memecoin has more room to rise in the coming days.
Besides investor interest in DOGE, other factors such as bullish price action and current market sentiment further support the memecoin’s upcoming rally.
Dogecoin Technical Analysis and Key Levels
According to CoinPedia’s technical analysis, DOGE has formed a bullish descending triangle and flagpole price action pattern on the four-hour timeframe. However, the price has entered a narrow zone within the pattern and is poised to break out.
Based on historical momentum, if DOGE breaks out of the pattern and closes the four-hour candle above $0.38, there is a high chance that the meme coin could surge by at least 15% and up to 50% to reach the $0.44 or $0.58 levels, respectively.
As of now, DOGE is trading above the 200 exponential moving average (EMA) on the daily chart, indicating an upward trend. Meanwhile, its relative strength index (RSI) suggests that an upside rebound is possible in the coming days as the price is close to the oversold zone.
Current Price Momentum
Driven by the bullish sentiment in the market, DOGE is trading near $0.365, with a 2% price drop in the past 24 hours. During the same period, its trading volume has dropped by 18%, indicating low participation from traders and investors who may be waiting for a breakout of the bullish pattern.
