Dogecoin (DOGE) Price Prediction: Will the Memecoin Recover After the Recent Market Crash?

On a wider time frame, the Dogecoin (DOGE) price has been in a strong bullish trend. After the bullish rally, the price has undergone a correction phase.

Dogecoin (DOGE) price is seen to be declining toward the critical support level of $0.30. Notably, this comes amidst a slew of large crypto transactions, highlighting shifts in the market.

Dogecoin crypto was trading at $0.367 at press time, having dipped by 1.23% over the past 24 hours. The memecoin has been rising by defending an ascending trendline. The price has formed an ascending triangle on the daily time frame.

Moreover, the price has just exceeded the 20-day EMA which showcases the bullish signal. If the price holds the price over the 20-day EMA, it may reach the resistance zone of $0.40.

Here’s what the Dogecoin price analysis reveals for the upcoming trading session.

DOGE Price Analysis

Technical Analysis

The price has been rising from the lower support trendline, showcasing several attempts by sellers to drive the price lower. However, buyers have defended the price from falling further lower multiple times now.

Now, the price has broken out from the 20-day EMA (Exponential Moving Average) in the morning session, which is a bullish signal. If the price manages to close the day’s session above the 20-day EMA, we could see buyers pushing the price higher toward the resistance zone of $0.40.

If the price breaks out from the resistance zone, we could see a strong buying momentum kicking in the market. If the price manages to continue rising from there without any strong correction, we could see the price reaching the $0.450 zone, where another strong buying momentum could be seen.

Amid this bull run, the price might be able to continue rising higher without any strong resistance until the price reaches a new all-time high.

On the other hand, if the price fails to hold the price above the 20-day EMA, we could see buyers panicking and deciding to close their long positions. This could lead to a profit-booking opportunity for buyers where the price might fall lower.

If the price continues falling from there without any strong recovery, we could see the price reaching the lower support trendline, where buyers might be waiting to buy the price lower once again.

Overall, the price seems to be in a good buying zone for the past few weeks, as buyers have defended the price from falling lower multiple times now.

DOGE Price Analysis: Conclusion

Dogecoin price is currently facing critical support as it approaches the $0.30 price level. Despite recent declines, the massive transactions from large crypto investors highlight shifts in the market dynamics and investor sentiment.

According to technical analysis, the price is on a bullish trend as it recently crossed the 20-day EMA and formed an ascending triangle pattern.

If it successfully breaks out of the resistance zone of $0.40, there is potential for further upward momentum, possibly reaching new all-time highs.

However, traders are advised to trade cautiously, as falling below the ascending trendline could prompt profit-taking and amplify bearish pressure in the market.