Dogecoin on the course of recovery: Technical indicators indicate possible comeback in April

<p> <strong> Dogecoin on the course of recovery: Technical indicators indicate possible comeback in April </strong> </p>

Dogecoin course: A look at the bullish chart patterns and possible developments

The Dogecoin course has developed bullish chart patterns in the past few weeks, which indicate a strong comeback in April 2023. On Friday, the Doge token noted at $ 0.1917 and was therefore above the previous annual low of $ 0.1430. This article examines the technical indicators that indicate a potential increase in the Dogecoin course in the coming weeks.

Technical analysis of the Dogecoin course

Technical analysis shows that the Doge course is at an affordable point after it has fallen 70 % since its high last November. An important signal is the appearance of a Doji candlestick that became visible two weeks ago. A doji is a candle formation with long shadows on both sides and a small body that often indicates a reversal of the course.

Another concise pattern in the daily-type of the Dogecoin course is the falling wedge (Falling Wedge), which is formed by two sloping and converting trend lines. The lower trend line has been connected to the deep stalls since November 17, while the upper line has been the highest stalls since December last year. The Dogecoin course has now crossed the upper limitation of this pattern, which is interpreted as a bullish sign.

By measuring the widest part of this wedge and the subsequent projection of the same distance from the outbreak point, it can be estimated that the Dogecoin course could increase by 60 % to around $ 0.2800, which corresponds to the highest point on February 15. The relative strength index (RSI) also exceeded the neutral point at 50, and the two lines of the MacD have formed a bullish crossover and point upwards.

Possible catalysts: US recession scenarios

An unexpected catalyst for the Dogecoin course could result from Donald Trump's "Liberation Day" tariffs. Next week Trump is expected to announce reciprocal Zölle after the announcement of his auto tariffs. Some analysts indicate that these tariffs and the associated trade war could negatively put a negative impact on the economy and possibly trigger a recession.

A recession could lead to an increase in cryptocurrencies because it would result in monetary and fiscal incentives in the USA. Historically, measures such as interest rate cuts, quantitative loosening and state expenditure have proven to be positive for cryptocurrencies such as Dogecoin.

Overall, the Dogecoin course remains exciting due to these technical patterns and the economic framework and could start a significant movement in the next few weeks.