Dogecoin Price Prediction: Has DOGE Bottomed?

Summary:

The Dogecoin price has bounced back by abouy 10% in the past 24 hours. It has also formed a double-bottom pattern. We explain what to expect

The Dogecoin price is bouncing back as the rest of the cryptocurrencies pare back some of this week’s losses. DOGE has risen by more than 10% in the past 24 hours and is trading at $0.1806. This jump brings its total market cap to more than $23 billion. Other cryptos like Bitcoin, Ethereum, Cardano, and Ripple prices have also jumped. In total, all coins tracked by CoinMarketCap have grown their market cap by more than 5%.

Dogecoin news. Cryptocurrencies had their worst day in months this week. This happened as fear spread in the financial market as the number of Covid cases rose globally. This increase triggered some countries like France and Australia to implement some lockdown measures. Subsequently, investors exited most assets, pushing their prices to drop sharply. The Dow Jones rose by more than 900 points.

The Dogecoin price is gaining today as investors react to the overall rebound of other assets. Stocks have risen, with the Dow Jones adding more than 500 points on Tuesday and 200 points in the futures market today. Other global indices like the S&P 500 and Nasdaq 100 indices have also risen.

This relief rally has intensified in the crypto industry where Bitcoin has risen above the psychological level of $30,000. If the BTC rally holds, there is a possibility that other altcoins like Dogecoin and Ethereum will also recover. So, what next for the DOGE price?

Dogecoin price prediction

The four-hour chart shows that the DOGE price has done relatively well in the past 24 hours. It has managed to move above the descending trendline shown in blue. It has also formed what looks like a double-bottom pattern at $0.1633, which could be a signal that the price has bottomed. The coin also seems to be rising above the 50-period moving average.

Therefore, while it is too early to tell, there is a possibility that the coin’s price will keep rising as bulls target the next key resistance at $0.25. However, a drop below the double-bottom at $01633 will invalidate this trend.