With the market finding a fresh breath of recovery, the meme coins are ready for a comeback in February. Amongst the rising trends, the DOGE price trend showcases a quick reversal from the 200-day EMA and picks up momentum.
Teasing a conclusion to the pullback phase in the daily chart, the anticipations are high around Dogecoin for a quick upside move.
Read our DOGE price prediction NOW to find out if Dogecoin will cross the $0.10 mark in 2024.
Dogecoin’s W-shaped Comeback Eyes A Breakout Run
Source: Tradingview
Following the bullish failure to sustain above the 50-day EMA, the DOGE price faces a setback in retesting the 200-day EMA. The downfall resulted in a drop to $0.077 from the peak of $0.0877, a ~12% decline in market cap.
Currently, the Dogecoin shows a sideways to diagonal trend, ready to lift off from the 200-day EMA. Meanwhile, last night’s jump of 3.04%, making a bullish engulfing candle with a spike in trading volume, supports the possibility of reversal.
Hampering the upside move, the dynamic resistance of the 50-day EMA keeps the growth in check and leads to higher price rejection. As a result, a consolidation range forms between the two crucial average lines. Hence, an escape from either side can change the trajectory of the DOGE price trend.
Technical indicators:
MACD Indicator: The bullish crossover between the MACD (blue line) and the signal line (orange line) suggests that the recovery trend for this asset is resurfacing. Buyers will gain further momentum if the indicator slopes rise above the midline, extending the ongoing bull run.
Will DOGE Price Reach $0.10?
Dogecoin gives an entry signal following a bullish reversal from the dynamic support to cross the 50% Fibonacci retracement level around $0.080. However, the immediate resistance of the downsloping 50-day EMA. A breakout above this dynamic resistance can carry the DOGE price higher to $0.090, potentially reaching the $0.10 mark.
On a contrary note, if the consolidation breaks below the 200D EMA, the altcoin may drop to $0.075.
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