Price Analysis

Dogecoin Confirms a New Macro Uptrend: Will DOGE Price Make It to $0.3 This Month?

Following a significant recovery in Bitcoin prices, the popular altcoins traded in different directions. Meanwhile, the popular memecoin, Dogecoin, maintained a strong ascending trend, carrying expectations of a positive week ahead. After a brief upswing in the first few days of the month, the DOGE price is consolidating along with the gains. Hence, it indicates the price is preparing for the next price action, targeting $0.2 in the coming days. 

The price has been significantly high since the start of March, due to which the price has formed a head-and-shoulder pattern. However, the price bounced off from the neckline, nullifying the bearish prospects. Therefore, the current trade set-up suggests the price is strongly heading towards the lost levels at the resistance at $0.18, while in the larger prospects, $0.22 appears to be the target to be surpassed soon. 

The long-term or monthly chart of DOGE price displays a clear bullish picture for the token. Regardless of the interim fluctuations, the token has been maintaining a steep upswing as the recovery seems to be within a parabolic curve. The token has been forming a similar pattern previously and after reaching the neckline, a major breakout leads the price towards the higher targets. Therefore, market participants may expect a continued upswing within a consolidated pattern until the price reaches the neckline at $0.28. 

Besides, the RSI displayed a bearish divergence in March and has again flipped back to a bullish range. Hence, the Dogecoin price, which has soared by over 3% in the past 24 hours and nearly 18% in the past week, is believed to surge by 20% to 25% in the next few days, reaching $0.22.

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