Will Dogecoin (DOGE) Continue to Surge? Check out the Review!

Jakarta, Pintu News – Dogecoin (DOGE), the dog meme-inspired cryptocurrency, has recently shown a price recovery after a weekend decline. Currently, Dogecoin (DOGE) has increased by 3.18% in the last 24 hours to $0.2266 and is up 4.54% on a weekly basis.

Recovery After “Death Cross”

On Sunday, Dogecoin (DOGE) formed a “death cross” pattern on its hourly chart, where the short-term moving average (usually the 50 SMA) crosses below the long-term moving average (generally the 200 SMA). This pattern is often considered a sign of downward price pressure.

This signal shook market sentiment, and Dogecoin (DOGE) dropped to a low of $0.215, ending three consecutive days of decline. However, the price drop did not last long. Dogecoin (DOGE) managed to recover from that low, showing that there were still buyers coming in at the key support level, easing concerns about a prolonged decline.

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Dogecoin Price Outlook

Dogecoin (DOGE) has declined from a peak of $0.254 on May 23, after several days of gains, indicating profit-taking. The bears are also strongly defending the level. The $0.21 level is an important support to watch out for.

A solid bounce off the $0.215 level on May 25 indicates positive sentiment, which increases the likelihood of a test back to the $0.26 level. If this happens, Dogecoin (DOGE) might reach $0.35. There is resistance at $0.29, but it will likely be breakable.

This positive outlook will be invalidated in the short term if the Dogecoin (DOGE) price reverses downwards and breaks below $0.21. This suggests the possibility of range-bound price action between $0.14 and $0.26. Dogecoin (DOGE) is locked between the daily 50 and 200 SMAs at $0.189 and $0.271.

Market Analysis and Bull Flag Pattern

Market analysts point to the formation of a bullish “bull flag” pattern, with some projecting targets as high as $0.65. This pattern suggests the potential for significant price gains if Dogecoin (DOGE) manages to break through existing resistance. The rise is also supported by a broader recovery in crypto markets and global risk markets, with US and European equity futures up more than 1%.

This pattern, if confirmed, could bring more investors into the Dogecoin (DOGE) market, driving demand and potential further price increases. However, investors are advised to remain wary of the high volatility that often occurs in the crypto market.

Conclusion

Despite facing technical challenges such as the “death cross”, Dogecoin (DOGE) showed resilience with a quick recovery and strong buyer support. With market analysis indicating more upside potential, the cryptocurrency is far from over. Investors and market watchers will continue to keep a close eye on Dogecoin (DOGE) price movements amidst changing market dynamics.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference

• U.Today. Death Cross or Not: Dogecoin Is Not Done Yet. Accessed on May 27, 2025
• Featured Image: Generated by AI