Dogecoin price has seen a rebound, climbing 5% in the last 24 hours. After experiencing a sharp decline, DOGE has bounced back above the $0.15 mark, signaling a potential recovery. Is this a sign of a bullish reversal, or is it just a temporary bounce amid a broader recovery?
The meme coin has increased by more than 10% in 2 days, with of support level between $0.13 and $0.15. Market activity is on the rise, and the volume of trade is improving with buyers back in the market. This interest is up after a larger-scale upswing in the cryptocurrency sector, with various coins recording great recoveries over the last 24 hours.
21Shares Submits Fifth Filing for Dogecoin ETF Launch
Dogecoin is also being adopted with the expected introduction of spot ETFs in the United States. 21Shares has filed a fifth amended S-1 filing, stating a 0.50% management fee, which is paid weekly in Dogecoin.
The filing holds the delaying amendment in abeyance as the issuer proceeds through the Section 8(a) effectiveness process, that is the last step prior to trading. The ETF will trade on Nasdaq and carry the ticker TDOG, and track the CF Dogecoin-Dollar US Settlement Price Index.
Falling Wedge Pattern Emerges, Breakout Anticipated
The price chart of Dogecoin has recently created a significant Falling Wedge, according to analyst. The trendlines in this pattern converge with the upper line as dynamic resistance and the lower as dynamic support.
The analyst is projecting that this convergence could indicate a possible breakout of the trend, indicating a possible change in the price movement of Dogecoin price. A breakout is being closely monitored by the traders and enthusiasts on the chart, which could give new trading opportunities.
Is DOGE Price Set to Hit $0.20 or Face a Pullback?
As of 03 December, the price of DOGE surged to $0.1505, reflecting a 5% increase.
The Relative Strength Index (RSI) is standing at 61.49, which is a sign of a bullish market.
DOGE faces key levels around $0.16 and $0.18. A breakout above these levels could open the path to $0.20 for the Long-term Dogecoin forecast, where significant resistance may appear.
Source: DOGE/USD 4-hour chart: TradingviewThe Moving Average Convergence Divergence (MACD) has also indicated a favorable movement, and the MACD line has turned above the signal line.
This movement across coupled with the increasing volume, is a hint of more positive movement in the near future. The green bars are also increasing in the histogram, supporting the rise.
On the other hand, if the price struggles to maintain its upward trajectory, a pullback to the $0.13 or $0.15 support zones could be expected.
Source: https://coingape.com/markets/dogecoin-price-holds-0-15-bullish-reversal-or-just-a-temporary-bounce/
