Dogecoin (DOGE) could be on the verge of a bullish breakout as the MACD indicator signals a potential trend reversal. After a 1.64% price increase in the past 24 hours, DOGE is trading at $0.1714, hinting that the meme coin may have reached its bottom and could be gearing up for a rally.
MACD Signals Dogecoin Recovery
Technical analysis from TradingView shows that Dogecoin’s Moving Average Convergence Divergence (MACD) indicator is pointing toward a bullish trend shift. The MACD line has been flat since late February but now appears ready to cross above the signal line—a classic buy signal that could ignite a DOGE price rally.
If this bullish momentum holds, DOGE could retrace toward $0.20, a key resistance level where it consolidated for nearly two weeks before slipping below. If DOGE stabilizes above this range, analysts expect further upside potential.
DOGE Trading Volume Declines Amid Price Rebound
Despite the recent price uptick, Dogecoin’s trading volume has dropped significantly—falling 32.09% to $1.02 billion. This suggests that while the price is recovering, investor activity remains cautious.
Can Dogecoin Reach $4 in the Long Run?
Market analysts have mixed opinions on DOGE’s long-term price potential. One concern is the formation of a death cross, where the 23-day moving average crossed below the 200-day moving average—a bearish signal that previously drove DOGE’s price down from $0.24 to $0.16. Another death cross pattern may still be forming, which could create resistance.
However, crypto analyst Ali Martinez suggests that if DOGE holds within the $0.16 to $0.19 range, it could eventually rally to $4. The coming days will be crucial in determining whether Dogecoin’s price action can maintain its momentum and start its journey toward new highs.
Key Levels to Watch for DOGE
- Immediate Resistance: $0.20 (previous support level)
- Support Zone: $0.16 – $0.19
- Long-Term Target: $4, if bullish momentum sustains
Final Thoughts: Is DOGE Ready for a Breakout?
With the MACD flashing bullish signals, Dogecoin appears to be at a turning point. If buying pressure increases and DOGE stabilizes above $0.19, a breakout to higher resistance levels could be on the horizon.
However, trading volume decline and the death cross formation remain risks. Investors should keep an eye on technical indicators and market sentiment to confirm a sustained uptrend.
Will DOGE reclaim $0.20 and beyond? Or will bearish pressure push it lower? The next few trading sessions will provide crucial clues.
