Will Dogecoin Price Gain 30% in 2 Weeks After Last Swing Low?

• Dogecoin price has declined by 30% in a few weeks indicating sellers’ grip.
• DOGE price has formed an inverted hammer on the trendline which is a bullish sign.

The chart structure displays that the Dogecoin price has created a lower low swing thrice in the past few months. Historically, after generating a lower low the price gains bullish momentum.

The digital asset price has been falling by taking support on the trendline. It has taken support on the trendline and surged by 12% in the past 2 days. The rise in trading volume may help to defend the trendline.

At press time, the Dogecoin price traded at $0.125 with an intraday gain of 2.76% in the past 24 hours. The market capitalization is $  and the 24-hour trading volume is $17.87 Billion. The fully diluted market cap is $702.05 Million.

Dogecoin Price Formed Inverted Hammer at Last Swing Low; Buying Momentum Expected?

The chart structure displays that the DOGE price has slipped below the 200-day exponential moving average. However, it has developed a last swing low and formed an inverted hammer which is a bullish sign. Buyers have grabbed below the 200-day EMA and buying momentum is expected ahead.

Suppose the Dogecoin price gains bullish momentum and trading volume increases buying momentum can be seen. Assuming the digital asset price exceeds the 200-day and sustains, buying momentum can be expected and might gain approximately 30% in the next 2 weeks.

On the contrary,  if the price fails to exceed the 200-day EMA and forms a bearish candlestick, sellers may dominate. The DOGE crypto price below the trendline is a bearish sign and might display selling pressure.

Turning to the technical indicators, the RSI is in the oversold zone and seems to have bounced back to exceed the RSI-based moving average. However, the Dogecoin price is trading below the key moving averages which showcases the bearish forecast.

DOGE Price Would Skyrocket After Breakout?

A source on X claims that the Dogecoin price has been falling by facing resistance from a trendline. If the price triggers a breakout from the trendline, buyers may dominate further. 

If the Dogecoin price trades over the $0.130 level then it can be considered as a bullish sign otherwise sellers may drag down the price below $0.070 mark.

Conclusion

Dogecoin price seems to have formed a bullish pattern with the inverted hammer at the last swing low. There is an expectation of potential buying momentum if the price exceeds the 200-day exponential moving average and trading volume increases. This could lead to a gain of approximately 30% in the next 2 weeks. However, it’s important to consider the possibility of a bearish scenario if the price fails to exceed the 200-day EMA and forms a bearish candlestick, which could lead to selling pressure.

Technical Levels

Based on the technical indicators, the Dogecoin price is expected to take support on the $0.115 and $0.090 levels. It may face resistance from the $0.165 and $0.220 mark.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.