As the meme coin vertical springs into life, Dogecoin (DOGE) has shot up an impressive +19%, to test topside resistance as the leading coin attempts a recovery rally.
This comes in the aftermath of a similarly dramatic pump by Pepecoin (PEPE), which also saw an inticing +17% push up in the past 48 hours.
DOGE Price Analysis: Will Dogecoin Recover Pump Smash Resistance?
The recovery rally comes after almost two months of strengthening technical structure, leaving Dogecoin currently trading at a price of $0.079 (representing a 24 hour change of +2.17%).
On the tail-end of 10-days of consolidation at the $0.75 price level, the rally was ignited on Monday July 24 with an initial +11% move to resistance at the 200DMA catching the attention of keen-eyed traders.
Momentum grew quickly, and triggered an explosive further +13% move, which not only saw Dogecoin reclaim bullish technical positioning above the 200DMA but also saw a clean break at the upper trendline during first contact.
Localised retracement in the 48 hours since have seen DOGE embroiled in an area of tough resistance stemming from the upper trendline.
However, for 72 hours now the 200DMA has formed a foothold of reliable support, encouraging the bullish outlook for Dogecoin’s recovery.
With support now found from both the ascendent 20DMA and the steadfast 200DMA, a solid push above the upper trendline would likely see DOGE shoot-up to the next price level at $0.095.
Yet, indicators add a mixed signal to the price analysis. Despite a bullish MACD, showcasing upside divergence at 0.00107, the Dogecoin RSI is becoming a cause for concern.
With the RSI overheating dramatically to 65 on the recent push up, a clear overbought signal, bag holders are concerned about the potential need for further consolidation at current levels before upside can resume.
While this could become a limiting consideration on the short-time frame, DOGE looks primed for a continuation of this recovery rally – and this is reflected in Dogecoin’s risk: reward profile.
Against a background of breakouts in major meme coins, DOGE is facing an upside target at $0.095 (+19.45%), and downside risk to previous support zone around $0.75 (-5.9%).
This leaves Dogecoin with a risk: reward profile of 3.27 – an attractive entry characterised by significant upside potential.
Amid the price pumps, many traders have been racing to be the first to uncover these skyrocketing memecoin opportunities, and AI trading platforms have seen a surge in interest as eager investors fight to keep their fingers on the market pulse.
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$YPRED Tokens are Your Passport to this Cutting-edge Platform
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As a disruptive digital project, yPredict aims to redefine how we approach crypto price predictions, leveraging AI-based algorithms to offer precise, real-time forecasts – giving its members an upper hand in the swift-moving crypto markets.
How Does yPredict Employ AI for Better Trading?
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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