The original meme coin $DOGE has seen a resounding +10% recovery pump push price back above the 200DMA for the first time since April, now pundits are asking is it too late to buy Dogecoin?
The impressive pump comes amid a +47% recovery rally, ignited by $DOGE holders at lower trendline support on June 10.
DOGE Price Analysis: Is it Too Late to Buy Dogecoin?
The latest push up in the 45 day recovery rally has seen $DOGE hit a current price of $0.779 (a 24 hour change of +4.97%).
Price action found a foothold at $0.07 after 4 days of consolidation, as technical structure turns bullish in face of the freshly reclaimed 200DMA.
With the joint support of both the 20DMA and 200DMA, Dogecoin appears technically strong here as holders now take aim at a push above the descendent upper trendline at $0.08.
Yet, despite the upside swing, there could be some cause for concern stemming from Dogecoin’s indicators.
The +10% move has seen $DOGE’s RSI heat up to a worrying 68, this signals that $DOGE could be overbought and adds a bearish taint to the price analysis.
Meanwhile there is some silver-lining from the MACD, which spotlights the impressive momentum behind the move with bullish divergence at 0.00078.
Although technical structure here is strong, Dogecoin’s risk: reward profile is in a difficult position on the short-time frame.
With $DOGE approaching the top of its range, upside potential here is limited to $0.08 (+2.22%), and as the RSI suggests potential rejection, downside risk stands at $0.07 (-10.5%) – leaving $DOGE with a troubled risk: reward of 0.21.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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