Table content
## Dogecoin Optimism Could Return: Indicators of a Turnaround Appear
**Attention:** *Keep in mind that this is simply an individual’s perspective and not formal monetary guidance. Digital currency trading carries risks, therefore conduct your own investigation and speak with a monetary advisor before taking any actions.*
Dogecoin (DOGE), the meme-based digital currency, could be preparing for a recovery following a difficult several weeks. Digital currency expert Ali highlights a possible optimistic “turnaround doji” developing on Dogecoin’s weekly graph. This candlestick configuration frequently indicates a change in impetus.
Following three successive weeks of price decreases (including a 30% plunge last week), a doji configuration has materialized. Dojis demonstrate market hesitation and can imply that selling force is diminishing. If this remains accurate, it might establish the framework for a price recovery.
Ali additionally observed an increase in Dogecoin network functioning. Active locations have increased 47% in the previous month, from 110,000 to 163,000. This implies expanding curiosity and involvement in the Dogecoin environment.
## Dogecoin’s Price Conduct
Currently, Dogecoin is up 2.8% in the previous 24 hours, exchanging at $0.171. Following a five-day decline, Dogecoin commenced rebounding from a low of $0.142 on March 11. This support stage is significant because it served as the launchpad for Dogecoin’s surge in early November. The rebound persisted into Wednesday, concluding the day with a favorable conclusion.
While the bounce appears encouraging, Dogecoin is suggesting an optimistic double-bottom configuration around the $0.14 level.
Dogecoin has declined, reaching a minimum of $0.142. To validate an actual recovery, it is vital for Doge to exceed certain important barrier points. Should Dogecoin surpass and maintain above $0.21, we may observe it ascend toward the $0.25 threshold, where the 50-day simple moving average is functioning as an obstacle.
Although the weekly diagrams are suggesting a potential optimistic turnaround for Dogecoin, there exists a pessimistic signal emerging that could complicate matters. Dogecoin is nearing the creation of a death cross on the daily diagrams.
A death cross materializes when the 50-day moving average descends underneath the 200-day moving average, indicating that further decline could be imminent.
If this death cross comes to pass, Dogecoin may have to retest lower support thresholds before any substantial surge can transpire. Currently, all attention is concentrated on the diagrams as Dogecoin contends between an optimistic turnaround and a pessimistic collapse.
