• Dogecoin holds an active uptrend with potential gains of over 200%.
• Price recovery underway after dipping below $0.15, now trading near $0.214.
• Technical signals show weakening bearish pressure and rising accumulation signs.

Dogecoin is showing renewed signs of life after weathering a volatile week. The meme-inspired cryptocurrency is currently trading at $0.2151, marking a 3.86% rise in the past 24 hours. 

Despite being down nearly 20% on the weekly chart, DOGE’s structure continues to signal an active uptrend.

According to market watcher Javon Marks, Dogecoin has maintained higher lows, a key indicator of upward momentum. Marks highlighted that DOGE’s breakout from a long-standing resistance could pave the way for a rally of more than 200%, with prices potentially reaching $0.6533.

This optimistic view aligns with the broader technical outlook. Dogecoin’s recent rebound from near $0.15 suggests strong buyer interest at lower levels. The pattern of gradual accumulation reflects the same formation seen before the massive price surge in 2020.

Dogecoin Historical Patterns Point Toward a Parabolic Setup

Market expert EᴛʜᴇʀNᴀꜱʏᴏɴᴀL likened Dogecoin’s current pattern on the chart to the beginning of its 2020 surge. Following the breakout of the significant downtrend from the high in 2017, the DOGE went into accumulation prior to raging to fresh highs.

The same pattern seems to be repeating itself following the breakout of the coin’s 2021 downtrend this year. DOGE is consolidating right now, with short-term variations being perceived as noise within the bigger picture bullish setup.

This accumulation phase tends to be followed by strong upward momentum, indicating a potential quiet breakout to follow prior to the market fully confirming it.

Also Read: Dogecoin Eyes $0.30: Key Support Holds Strong for Potential Rally

Technicals Signal a Slow But Steady Recovery

Dogecoin’s near-term technical remains neutral but positive. The 20-day EMA at $0.233 and the 50-day EMA at $0.236 are serving as key resistance areas. A continuation above $0.23 could freeze in a bullish transition; failure to stay above $0.22 could lead to some sideways movement.

Momentum signals favor a slow regain. The RSI is at 43.02, indicating a breakout from oversold levels, and the MACD histogram is contracting, indicating that the sell momentum is weakening.

Major supports are seen at $0.20 as well as $0.18. Provided Dogecoin continues to stay strong as it is now and clears the overhead resistance, a new bull run could start soon, with long-term sights set on the $0.65 level once again.

Also Read: Dogecoin (DOGE) $0.19 Support Signals Potential Rally Toward $0.48 Target