At its current stage, the cryptocurrency market appears to be consolidating ahead of the halving, evidenced by Bitcoin’s limited trading range. While most major altcoins are following the same trend, the leading meme coin, Dogecoin (DOGE), has seen a notable rise to a 27-month high of $0.228.
Nevertheless, the market could potentially be primed for an uptrend in the coming weeks as we approach April – the scheduled month for the Bitcoin halving. Could this market recovery push the DOGE price towards the $0.3 mark?
Rounded bottom pattern puts DOGE on course for extended rally.
In the last week of March, Dogecoin price recovered from the latest correction, helped by buyers finding support at the 50-day EMA. This positive turnaround took the asset’s value from $0.122 to a high of $0.21, representing a growth of 86%.
In addition, the rising price has also surpassed the previous high of $0.192, giving buyers another chance to continue the recovery. Despite a small pullback of 8% in 72 hours amid the market’s current consolidation trend, DOGE is currently trading at $0.21.
With a market cap of $30.2 billion, Dogecoin remains the 8th largest cryptocurrency according to Coinmarketcap.
However, an analysis of the larger time frame shows parabolic growth, which resembles the formation of a rounded bottom pattern. This pattern is often seen as a sign that the downtrend has bottomed out and could indicate the emergence of a new bull run.
If the crypto market shows a bullish reaction to the expected halving, in line with historical trends and investor expectations, it is likely that Dogecoin’s price will align with the bullish pattern.
With continued buying, the current rally may target a potential target of $0.3, followed by $0.35 and $0.448.
Source: https://cryptobenelux.com/2024/04/01/deze-meme-coin-toont-veel-potentie-voorafgaand-aan-de-bitcoin-halvering/
