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

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?

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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.

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.

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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.