Dogecoin Price Reversal Targets $0.20 Dogecoin bo

Dogecoin Price Reversal Targets $0.20

Dogecoin bounces off a key support trend line on the daily chart as the prevailing downtrend fades. With a lower price reaction from the $0.17 demand zone, Dogecoin prepares for a bullish comeback.

With its first bullish candle in five days, Dogecoin is aiming to test the 23.60% Fibonacci retracement level at $0.2135. Supporting the bullish outlook, the daily RSI line has turned positive in the near-oversold region, signaling a comeback.

Furthermore, the RSI shows a bullish divergence at the previous two bottoms formed near the $0.17 demand zone, hinting at a double-bottom reversal. Additionally, the close proximity of the MACD and signal lines suggests an impending bullish crossover. Hence, the technical indicators maintain a positive stance on Dogecoin.

On the downside, a close below the $0.17 demand zone could test the $0.1298 support floor.