Dogecoin signals bottoming out as DOGE rebounds 30% in two weeks

Dogecoin signals bottoming out as DOGE rebounds 30% in two weeks — What‘s next?

Cryptocurrency Mar 28, 2022 12:00PM ET

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Dogecoin signals bottoming out as DOGE rebounds 30% in two weeks — What‘s next?

A brutal correction witnessed in the Dogecoin (DOGE) market between May 2021 and February 2022, which saw the price dropping by almost 85%, appears to have come to a halt this month.

DOGE experienced strong dip-buying when its price crashed to levels around $0.10 two weeks ago, resulting in a 30% rebound move to $0.14 as of March 27. Meanwhile, the coin‘s upside retracement originated at a support level that constitutes a “falling wedge” setup, signaling an extended bullish reversal in the weekly sessions ahead.

DOGE/USD weekly price chart featuring 'falling wedge' pattern. Source: TradingView

The correlation coefficient between DOGE/USD and BTC/USD. Source: TradingView

DOGE/USD daily price chart. Source: TradingView

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