Dogecoin has successfully carried out a humungous and long term price recovery. The coin has surged by 75% since it witnessed a very devastating market crash. The same crash had caused the Dogecoin price to lose $0.0015 over a very short span of time.
However, if look at its multi-month chart, the currency has responded to the market bulls in the most efficient way possible. Considering the strength of a price rebound over the last couple of months, the above-mentioned price plunge has been proved to be an amazing buying opportunity.
DOGE Eyes Breakout Amid Consolidation
Dogecoin is holding a stabilized approach since the beginning of the ongoing month. The currency kept consolidating above the 38.20% fib level. However, it is still facing a few bearish pullbacks below $0.0025. the price levels below $0.0022 have remained intact since May 1.
The price decline due to novel coronavirus was as hefty as 40.97%; Dogecoin had tested support levels below $0.0020 at that point in time. The price point at $0.0015 came across as dependable support at that time. Now, DOGE/USD is testing resistance at $0.0026. As per the dogecoin forecast, we can anticipate that a sustained consolidation can take the price above $0.0028.
The technical indicators are pretty much in favor of bulls these days. Dogecoin price is well above the 200-day EMA line, and the MACD indicator too is in the positive zone. Also, the coin has stepped out of the bearish pressure but, only a bullish breakout from this ongoing consolidation can keep the price up.
