DOGE Emerges Bullish, Targets $0.08 Amidst Trading Pattern Shifts

Bits Logics Team . 21st Sep 2023
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  • DOGE makes an entry into the green zone after experiencing a surge of 1.12% in one day.
  • Looking at the trading volume, the traders seem to have a demand for the meme coin as it experienced a surge of 5.98% in 24 hours.
  • This rising wedge may still be in its formation period and could indicate a bullish signal for the memecoin. 

Based on the 24-hour chart, DOGE makes an entry into the green zone after experiencing a surge of 1.12% in one day. Despite DOGE remaining in the green zone over the week, the meme coin did fall into the red zone midweek. However, the meme coin was able to quickly recover and continued to stride in the green area.

DOGE 1-Day Chart (Source: CoinMarketCap)

Looking at the trading volume, the traders seem to have a demand for the meme coin as it experienced a surge of 5.98% in 24 hours. At the start of the week, DOGE was trading at $0.06121, and after experiencing a continuous spike during the week it is finally trading at $0.06313, at the time of writing. 

DOGE/USDT 1-Day Chart (Source: TradingView)

Looking at the DOGE/USDT 1-day chart, the candlesticks initially faced a massive tumble back in August. This made DOGE fall below the $0.7 level. The downfall may seem like the meme coin was trading in a descending triangle; however, the trading pattern was imperfect as it failed to form a low high initially. 

Later, in between the trading patterns, DOGE was able to start maintaining a descending triangle formation, however, it seemed that the meme coin made a bearish entry. Immediately, after it faced a fall, DOGE started trading in a rising wedge pattern. This rising wedge may still be in its formation period and could indicate a bullish signal for the memecoin.  

Observing the previous patterns, if the memecoin copies its old patterns, then, it could reach the $0.08 level soon. Moreover, this $0.8 level could be a launchpad for the meme coin to cross beyond the levels of $0.1. 

Furthermore, traders should note that even though DOGE fails to maintain the projected trading pattern, there could be a high chance that DOGE’s next target would be at $0.8. Hence, the buyers and sellers need to set their target points before deciding their entry and exit points in the market. 

Disclaimer: The information and analysis are intended for informational purposes only. All views and opinions expressed should not be considered as financial, investment, or trading advice. Readers are strongly encouraged to conduct their own research before making any investment decisions. Any actions taken based on the information presented by BitsLogic are at the reader’s own risk. The author or any affiliated parties shall not be held liable for any direct or indirect damages or losses resulting from such actions.