Will Dogecoin Reach $0.08 During The July 2023 Market Surge?

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Can the July 2023 market surge allow Dogecoin (DOGE) to reclaim $0.08?

In the daily time frame chart above, the Dogecoin (DOGE) price shows the formation of a rising wedge pattern since early June 2023 due to its recovery in the past five weeks, registering a growth of 37.6%. Does the pattern’s support trend-line, indicate further growth in the DOGE price?

Dogecoin Price Daily Chart

  • A breakdown below the support trendline of the wedge pattern could tumble the $DOGE price by 20%.
  • The recently reclaimed 50-day EMA bolsters buyers to prolong the current recovery
  • The 24-hour trading volume in the Dogecoin coin is $941.6 Million, indicating a 26% gain.
Dogecoin Price
Source: Tradingview

During the recent July 2023 recovery in the crypto market, the Dogecoin price managed to re-challenge the upper resistance trend-line of the wedge pattern. In theory, this pattern is a downtrend continuation pattern that offers a resting period for sellers to regain strength.

Until the two trend-lines of this pattern are intact, the asset price is likely to resonate within them and extend a minor recovery. At the time of writing, the DOGE trades at $0.0723 and shows a rejection candle near the upper trend-line.

A possible reversal from this overhead resistance may plunge the price back to a lower trend-line. However, a breakdown below the support trend-line is needed to complete this pattern which could potentially push the prices to the $0.053 mark.

Will Dogecoin retake its $0.74 high?

Considering the bullish sentiment in the market, the Dogecoin price may witness a rare-case scenario of surpassing the upper trendline. This bullish breakout with a daily candle closing will accelerate the bullish momentum and surge the memecoin 21% higher to hit $0.083.

  • Relative Strength Index: The daily RSI slope above 60% reflects the bullish momentum that is growing.
  • Exponential Moving Average: The 200-day EMA slope aligned with $0.0748 creates a high supply zone.
Will this result in a new all-time high for DOGE? There is still a long way to go, but anything is possible. While there are signs of the recent rises continuing, any up-turn or down0turn that affects the entire crypto landscape is likely yo also affect Dogecoin’s future prices.

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