Date: Sat, February 15, 2025 | 11:22 AM GMT
In the cryptocurrency market this week, major memecoins are showing signs of recovery after weeks of correction as Bitcoin dominance has dropped by 2.06% over the past seven days, now sitting at 60.66%. This suggests that altcoins and memecoins might be gearing up for a rebound.
Following this trend, the top memecoin, Dogecoin (DOGE), is also back on a bullish track with noticeable gains over the last seven days. DOGE is showing signs of a potential reversal after suffering a correction of over 26% in the last 30 days.
Broadening Wedge Setup
On the daily chart, DOGE initially saw an impressive rally of over 800% from October to early December, surging from $0.10 to a high of $0.48 on December 8. Since then, it has been consolidating within a Broadening Wedge pattern, a formation known for potential breakouts in either direction.
During this phase, DOGE has consistently tested both the upper resistance and lower support of the wedge. The recent sharp decline led DOGE to retest the lower boundary at $0.20, a key support level, from which it has strongly rebounded.
Currently, DOGE is trading around $0.2769, supported by the 200-day SMA. If this pattern continues, it will soon approach its next resistance at the 25-day SMA. A breakout above this level would confirm bullish momentum, potentially leading to a major recovery toward the upper resistance of the wedge near $0.38.
The MACD indicator is showing early signs of a bullish crossover, with the MACD line gradually moving above the signal line. This suggests that selling pressure is weakening, and buyers might soon gain the upper hand. However, volume confirmation is still needed for a strong breakout signal.
Is a Recovery Ahead?
While DOGE has shown a strong rebound from key support, the next few trading sessions will be crucial in determining whether it can maintain its upward momentum.
However, the broader market trend—including Bitcoin’s dominance and overall sentiment—will play a key role in DOGE’s price movement. If Bitcoin remains stable or bullish, DOGE and other altcoins could continue their recovery phase.
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