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DOGE Up 11%: Bullish MACD Cross Hints at Reversal

DOGE price chart

Dogecoin (DOGE) is buying and selling at $0.21 after gaining 11% within the final 24 hours. The transfer follows a pointy drop earlier this week that pushed the worth near $0.18. Trading quantity over the identical interval reached $5.14 billion.

Despite the latest bounce, DOGE stays down 17% over the previous seven days. Traders are watching the chart as technical indicators start to shift. Recent patterns on quick and lengthy timeframes are drawing consideration.

MACD Crossover Shows First Sign of Strength

On the 4-hour chart, Dogecoin has proven a bullish MACD crossover, as noted by Trader Tardigrade. The MACD line has moved above the sign line, and inexperienced histogram bars have appeared, suggesting a change in momentum. This kind of crossover typically factors to easing promoting strain.

DOGE price chart
Source: Trader Tardigrade/X

Bouncing from practically $0.18, the asset confirmed stability after the restoration by staying above $0.21. It has not but reached final week’s peak of about $0.27, however the current scenario signifies that early momentum is coming again.

Bullish Pennant Points to Possible Breakout

Trader Tardigrade has recognized a bullish pennant on the 4-hour chart. It fashioned after a pointy upward transfer, adopted by tighter value motion between two converging traces. This setup typically seems earlier than a continuation of the earlier pattern.

DOGE is holding close to $0.21. A breakout above the pennant may result in a transfer previous $0.22. If the worth fails to take care of assist, the sample can be invalid.

A month-to-month chart shared by Trader Tardigrade shows Dogecoin repeating a construction seen in earlier strikes. The chart consists of two previous rallies of 300% and 500% that started after touching a long-term trendline. The identical line has now been examined once more.

In case this sample holds, the anticipated transfer suggests a attainable enhance of greater than 870%, which might deliver DOGE near the $1 threshold. The trendline originates in 2021 and has persistently supplied assist throughout completely different cycles.

DOGE price chart
Source: Trader Tardigrade/X

Current Setup Matches Previous Cycles

Analyst EtherNasyonaL noted that DOGE is following a well-recognized setup. “The chart is exhibiting the identical sample once more,” they posted, pointing to a break above the 25-day shifting common and a retest of assist.

In previous cycles, this part got here simply earlier than bigger rallies. The latest bounce has additionally been linked to an increase in open curiosity and elevated on-chain exercise. The transfer comes as a part of a broader restoration seen throughout meme cash.

The put up DOGE Up 11%: Bullish MACD Cross Hints at Reversal appeared first on CryptoPotato.

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