Crypto currency market is witnessing a consolidation before the halving as proven by the narrow range formation in Bitcoin (BTC). While the majority of major altcoins are following the same trend, the leading cryptocurrency Dogecoin (DOGE) has exhibited a notable rise by reaching $0.228, its highest level in 27 months.
Bitcoin Boost for DOGE
As we approach April, the month planned for the Bitcoin halving, the market may be preparing for a potential uptrend in the coming weeks. Will the indicated market recovery push DOGE price to the pivotal $0.3 mark? Dogecoin’s price rebounded after the last correction in the fourth week of March, with buyers finding support at the 50-day EMA. The positive turnaround resulted in the token registering an 86% growth, climbing from $0.122 to $0.21.
The rising price also surpassed the previous peak of $0.192, providing buyers with the next step to extend the recovery. Amid the current market consolidation trend, DOGE price is seeing a minor 8% retreat within 72 hours, currently trading at the $0.21 level. Dogecoin maintains its position as the 8th largest cryptocurrency with a market value of $30.2 billion, according to the 21milyon.com website.
DOGE Price Analysis
Furthermore, the analysis of the higher time frame chart indicates a parabolic growth resembling the formation of a rounded bottom. The chart pattern in Dogecoin can often be considered a sign of a bottom in a downtrend and an opportunity for the emergence of a new bull run.
The crypto currency market’s expected bullish response to the upcoming halving, in line with historical trends and investor expectations, suggests that Dogecoin’s price could align with the formation of an uptrend. Continuous buying could follow the current rise towards the potential target of $0.3, followed by $0.35 and $0.448. In conclusion, while the crypto currency market is in a consolidation process before the halving with Bitcoin’s narrow range formation, Dogecoin has shown a significant rise, reaching its highest level in 27 months. Dogecoin’s price is showing a potential uptrend towards a $0.3 target following the correction in the fourth week of March.
