Dogecoin price is flashing early signs of a breakout, with strong demand and a bullish chart setup hinting at a potential 19% rally in the short term.
Summary
- Dogecoin price rebounded 17% on Monday after visiting a three-month low over the weekend.
- The rally coincided with a broader market recovery as concerns over US-China trade tensions cooled.
- A bullish pennant pattern has formed on the 4-hour chart.
After falling by 33% over the past week to a three-month low of $0.18 on Oct. 12, Dogecoin (DOGE) price rebounded 17% to an intraday high of $0.21 on Monday. At its current price, the token is still 54% below its December high of $0.46.
Dogecoin price bounced back alongside a broader crypto market recovery, as investor nerves eased following fresh comments from former U.S. President Donald Trump. In a recent Truth Social post, Trump mentioned that the U.S. government was in talks with China regarding the controversial 100% tariffs set to take effect on key Chinese rare earth metal imports starting Nov. 1.
The post helped calm fears of an all-out trade war, triggering a rebound across crypto assets. Bitcoin (BTC) climbed back above $115K, while Ethereum (ETH) and BNB (BNB) posted gains of 9% and 16%, respectively. The recovery also spilled into the meme coin sector, helping lift the total crypto market cap back above $4 trillion.
The leading meme coin by market cap also drew strength from a loyal investor base committed to holding the token. According to data from CoinGlass, Dogecoin has seen 10 days of
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Author: Rony Roy
