With a remarkable bull run of 26.22%, as a positive cycle in a long-term falling channel, the Dogecoin price reaches the $0.08 mark. However, an early reversal leads to a correction phase in DOGE prices, plunging the meme coin to $0.073.
Holding the bear frenzy at $0.073, Dogecoin buyers absorb the extensive selling pressure and start a reversal rally.
With a double-bottom reversal at $0.073, the Dogecoin price challenges the short-term downtrend and projects a potential breakout rally. Moreover, the recovery rally forms three consecutive bullish candles, signaling a triple white soldier pattern.
The 3.36% recovery in the DOGE coin increases the double bottom breakout with a neckline at $0.0758. Additionally, the high trading volume and improving sentiments fueled the breakout phase.
The MACD indicator shows the MACD and signal line ready for a bullish crossover as the bearish histograms decline. Furthermore, the RSI line resurfaces above the halfway line reflecting a resurge in bullish sentiments.
Currently, the DOGE prices trade at $0.0759, and closing above the neckline or the resistance will set a bullish setup for the coming days.
Also Read : Dogecoin Price Analysis: Analyst Maps Entry Levels For DOGE Price
Considering the DOGE prices manage a closing above $0.0763 in the 4-hour chart, the meme coin will signal a triangle breakout. Optimistically the breakout rally will shoot the Dogecoin prices to $0.0811 before the weekend.
Moreover, the triangle breakout rally can challenge the long-coming resistance trendline fo the falling channel. If the spike in buying pressure overcomes the supply incoming at the overhead trendline, DOGE prices are ready to skyrocket above $0.10 this month.
On the flip side, a reversal within the triangle will retest the bullish dominance at the $0.073 level.
