Dogecoin (DOGE)’s Stochastic Oscillator chart has printed a bullish cross, implying the meme coin is ready to experience price recovery, according to new data reported today by market analyst Trader Tardigrade.
As per the data, the altcoin is displaying a bullish cross in the oversold region on a biweekly timeframe, suggesting the asset’s ongoing downturn movement has lost strength and a fresh upward momentum is in the formation.
DOGE’s Bullish Cross Returns
As reported by the analyst’s Stochastic Oscillator indicator, DOGE is oversold, implying that the asset has been significantly sold and is therefore poised for a price resurgence as forward-looking traders are currently grabbing the tokens at a discount.
Whenever a bullish cross forms in an oversold region, as indicated by the chart, this suggests an upcoming change from selling pressure to an accumulation trend.
This condition hints that long-term buyers are contemplating moving into the market or increasing their token holdings. This is happens this way because of the decline of the token’s value due to heightened selling pressure.
Strategic traders are seeing this market dip as an advantage for them to accumulate massive tokens at reduced prices. As result, this bullish event is prepared to push up DOGE prices.
Price Likely To Reclaim the $0.2 Zone
DOGE’s value has been bearish over the past month, highlighting its difficult market performance recently. Its price has been down 0.2% and 6.6% over the past week and 30 days, respectively, indicating increased selling pressure during this period.
Today, the asset’s value is trading at $0.1644 after recording a 0.2% price rise over the past 24 hours. Despite embracing a correction momentum over the past month, the asset remains as the 9th most traded virtual currency by 24-hour trading volume.
The daily timeframe shows that the asset is currently in the formation of a double bottom pattern. This bullish reversal pattern indicates that the current downward movement is ending and an uptrend might emerge. This means DOGE is preparing to surge, breaking the $0.1729 and $0.1817 resistance levels soon and likely to move towards the $0.2 region.
