Has Dogecoin (DOGE) Price Bottomed Out? MACD Signals Trend Shift

In the past 24 hours, Dogecoin (DOGE) has risen by 1.64% to trade at $0.1714, suggesting the meme coin might have bottomed out. Notably, DOGE has flashed some bullish signs that suggest it ended its sell-off phase and is ready for a rally.

MACD points to potential Dogecoin recovery

TradingView data shows Dogecoin’s Moving Average Convergence Divergence (MACD) indicator supports a bullish trend reversal for the meme coin.

For clarity, MACD helps market observers monitor and identify trend changes, momentum and potential buy-and-sell signals.

Dogecoin’s MACD line shows that the meme coin has flattened from late February into March. The MACD line appears likely to rise above the signal line, and such a development could trigger a price rally for DOGE.

This could set DOGE on a recovery path to $0.20, where the meme coin was stuck for about 11 days. Analysts have anticipated that DOGE might retrace to a higher level if the price stabilizes. However, DOGE slipped below this support level, and the recent rebound move could mark a shift.

As of press time, the DOGE price was changing hands at $0.1715 on the crypto market. However, DOGE investors are not actively engaging the meme coin as trading volume has plummeted by 32.09% to $1.02 billion.

Could DOGE reach $4 in long run?

Analysts opine that investors are still cautious given the formation of a death cross on the DOGE price chart. This is because the 23-day moving average crossed the 200-day moving average, causing a slip from $0.24 to $0.16. In addition, analysis shows that another death cross is likely pending.

However, with the MACD indicator flashing bullish signals, some anticipate DOGE could rally as high as $4 in the long term. According to Ali Martinez, the DOGE price charts can move to $4 if it sustains between $0.16 and $0.19.

The coming days will indicate whether DOGE can hold its current price action and begin its projected journey to higher levels.

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