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In the past 24 hours, Dogecoin (DOGE) has risen by 1.64% to trade at $0.1714, suggesting the meme coin might have bottomed out. Notably, DOGE has flashed some bullish signs that suggest it ended its sell-off phase and is ready for a rally.
MACD points to potential Dogecoin recovery
TradingView data shows Dogecoin’s Moving Average Convergence Divergence (MACD) indicator supports a bullish trend reversal for the meme coin.
For clarity, MACD helps market observers monitor and identify trend changes, momentum and potential buy-and-sell signals.
Tomiwabold OlajideDogecoin’s MACD line shows that the meme coin has flattened from late February into March. The MACD line appears likely to rise above the signal line, and such a development could trigger a price rally for DOGE.
This could set DOGE on a recovery path to $0.20, where the meme coin was stuck for about 11 days. Analysts have anticipated that DOGE might retrace to a higher level if the price stabilizes. However, DOGE slipped below this support level, and the recent rebound move could mark a shift.
As of press time, the DOGE price was changing hands at $0.1715 on the crypto market. However, DOGE investors are not actively engaging the meme coin as trading volume has plummeted by 32.09% to $1.02 billion.
Could DOGE reach $4 in long run?
Analysts opine that investors are still cautious given the formation of a death cross on the DOGE price chart. This is because the 23-day moving average crossed the 200-day moving average, causing a slip from $0.24 to $0.16. In addition, analysis shows that another death cross is likely pending.
Godfrey BenjaminHowever, with the MACD indicator flashing bullish signals, some anticipate DOGE could rally as high as $4 in the long term. According to Ali Martinez, the DOGE price charts can move to $4 if it sustains between $0.16 and $0.19.
The coming days will indicate whether DOGE can hold its current price action and begin its projected journey to higher levels.
Vladislav Sopov
Dan Burgin