Dogecoin has been quiet tries to find his footing again. The price has started to rise after a period of declines that dragged the meme coin to a low of $0.134 in early December. Bearish pressure could ease.
In that background, a recent graph analysis shared by crypto analyst BitGuru on
A recovery effort is starting to take shape
The daily candlestick price chart shows Dogecoin subsequently recovering from the lower limit of its demand zone submerge it briefly on December 1. This rebound is significant because it represents a willingness to defend the territory that held prices up earlier in July and again during the pullback in October. This playout means that Dogecoin has now created a higher low compared to the November breakdown, and this detail means that there may be a bullish move.
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As it stands now, Dogecoin’s price is now pushing back toward the middle of the broader range highlighted in green and teal on the chart below. The recent bullish candle closes on the daily time frame show that Dogecoin price is trying to re-enter that region, indicating that buyers have started testing the strength of mid-range resistance.
The chart reflects this pattern by showing previous price increases in July and September, both of which unfolded after the Dogecoin price created a higher low.
Dogecoin price chart. Source: @bitgu_ru On X
Dogecoin on its way to $0.188
Dogecoin’s upper-low structure is the signal that BitGuru highlights as the first sign that momentum may be shifting. With the price now climbing away from the demand zone, the first area to pay attention to is the dotted center line on the chart, which lies at $0.188.
A clean move above that level would mean buyers have regained control of the market structure. This could open the door for a broader recovery and allow Dogecoin to return above $0.20.
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At the current price of $0.148, the $0.188 and $0.20 targets represent gains of approximately 27% and 35%. These levels fall within a range of short-term price targets that Dogecoin could realistically reach before the end of the year if there is even a small amount of bullish momentum.
However, Dogecoin’s short-term prospects are not just about its own chart. Are fate is linked the broader crypto market, especially Bitcoin. Therefore, Dogecoin’s price action could remain vulnerable to further declines and consolidations unless the broader crypto market turns bullish again. On the other hand, tentative signs of recovery, including rising trading volume, indicate a bullish setup for Dogecoin.
Featured image created with Dall.E, chart from Tradingview.com