Tag: Dogecoin Rally

If Dogecoin Breaks Above Key Resistance ‘We Could See A 25% Rally’ – Top Analyst

[ad_1]

Este artículo también está disponible en español.

Dogecoin (DOGE) has been trading below a key resistance level at $0.143 since October 19, and anticipation is building among investors who believe a breakout may be imminent. The popular memecoin has remained relatively steady, yet this critical level has prevented DOGE from moving significantly higher.

Top analyst and investor Ali Martinez recently shared a technical analysis on X, highlighting the potential for a strong rally once DOGE clears this barrier. According to Martinez, a break above the $0.143 mark could trigger a rapid 25% rally, propelling Dogecoin to fresh highs.

Related Reading

As market sentiment appears cautiously optimistic, all eyes are on Dogecoin’s performance in the coming days. Investors and traders are watching closely, expecting a decisive move that could set the stage for Dogecoin’s next trend. With the entire crypto market poised for potential shifts, it could be crucial for DOGE to regain momentum.

The outcome of this resistance test will likely play a key role in shaping Dogecoin’s path forward, especially if it ignites renewed interest and buying pressure across the market.

Dogecoin Price Starting To Rise

Dogecoin is showing renewed strength following a week marked by volatile price action, which included a pullback from a recent local high at $0.149. Now trading near a key resistance level at $0.143, Dogecoin is capturing attention across the market.

Prominent analyst Ali Martinez shared a detailed technical analysis on X, suggesting that if DOGE successfully breaks through this resistance, it could trigger a notable 25% rally, pushing the price up to the $0.175 mark. According to Martinez, the $0.143 threshold is crucial for Dogecoin’s short-term trajectory, acting as a potential launchpad for further gains.

Dogecoin could see a 25% rally up to $0.175 | Source: Ali Martinez on X

Currently, Dogecoin is testing this pivotal level, and market sentiment is growing optimistic about a breakout, especially as other assets signal readiness for upward movement. The next few days will be critical, with analysts expecting potential bullish momentum across the crypto market that could support DOGE in surging higher.

Related Reading

However, should Dogecoin fail to surpass the $0.143 resistance, a period of retracement would likely be necessary to locate lower demand and restore liquidity for the next leg up. A pullback to gather momentum could provide the foundation needed to reattempt a breakout, positioning DOGE for further gains once market conditions align. As Dogecoin teeters on this critical threshold, it’s clear that the outcome of this resistance test will be instrumental in setting the tone for its price action in the near term.

DOGE Technical Levels To Watch

DOGE is trading at $0.143 after a minor rally from recent lows at $0.127. This level has proven to be a significant resistance point, as DOGE faces challenges in breaking above it. The overall market is signaling potential upward momentum, but for DOGE to maintain its bullish trajectory, it must decisively break past this $0.143 threshold in the coming hours. Successfully doing so would solidify support for a continued rally, potentially driving the price higher in the short term.

DOGE testing $0.143 resistance | Source: DOGEUSDT chart on TradingView

However, a retracement would likely be necessary if Dogecoin struggles to hold above this resistance. In this case, a dip to a lower demand level around $0.12 could provide the necessary liquidity to reignite buying interest and gather momentum for a subsequent push. This demand zone has previously acted as strong support and could be the fuel DOGE needs to sustain its bullish outlook.

Related Reading

As Dogecoin tests these critical levels, traders closely monitor its movements to gauge whether it can break through resistance or if a temporary pullback is on the horizon.

Featured image from Dall-E, chart from TradingView

[ad_2]

Sebastian Villafuerte

Source link

October 28, 2024
Dogecoin Breaks Away With 9% Surge: Why This Could Trouble Bitcoin

[ad_1]

Dogecoin has broken away from the rest of the market with a 9% surge. Here’s why this could be bad for Bitcoin, according to history.

Dogecoin Has Registered A 9% Jump During Last 24 Hours

While most of the cryptocurrency market has seen sideways price action during the past day, Dogecoin has shown to be different as its value has witnessed a notable increase.

The below chart shows the trend in DOGE’s price over the past month.

From the graph, it’s visible that the Dogecoin price has claimed the $0.134 mark with this rally and has surpassed the high from last month. The memecoin is now close to the July top, so if this run continues, the memecoin can potentially have a go at it as well.

In terms of the weekly returns, the latest jump has meant that DOGE is now up more than 24%, which has made it the best performer among the top 50 coins by market cap.

Dogecoin isn’t the only memecoin that has been rallying; the asset’s cousin Shiba Inu (SHIB) has also enjoyed bullish momentum during the past day, although its jump of 5% is less impressive than DOGE’s.

This latest focus on meme coins may not be the best sign for the cryptocurrency sector as a whole.

Market Topped Out The Last Time Memecoins Got The Attention

According to data from the analytics firm Santiment, the Social Dominance of the memecoins had spiked during the recent Bitcoin top above the $68,000 level. The “Social Dominance” here refers to an indicator that keeps track of the percentage of the discussions related to the top 100 coins on social media that a given coin or group of assets is occupying right now.

Here is a chart that shows how the Social Dominance of the top 6 layer 1 assets has compared with that of the top 6 meme coins recently:

As displayed in the above graph, the Social Dominance of the memecoins had shot up earlier as Bitcoin and others had rallied, suggesting that investors had started paying attention to these speculative assets.

This interest in the meme coins, though, ended up coinciding with the market top. “Typically, markets correct when focus shifts away from layer 1’s and toward more speculative assets due to greed,” explains the analytics firm.

With Dogecoin and Shiba Inu pulling away from the pack during the past day, it seems the investor greed is still high, which can potentially lead to more bearish action for Bitcoin and other top assets.

From the chart, it’s visible that the market has tended to reach bottoms when attention has shifted back to the layer 1 networks, so it’s possible that this may have to happen again if the sector-wide run has to continue.

[ad_2]

Keshav Verma

Source link

October 18, 2024
Traders Not Showing Dogecoin FOMO, Good Sign For Rally?
[ad_1]
On-chain data suggests traders haven’t been showing FOMO towards Dogecoin despite the latest rally, a sign that could be positive for its continuation.

Dogecoin Total Amount Of Holders Has Remained Flat Recently

According to data from the on-chain analytics firm Santiment, FOMO, which would normally be associated with tops, has been absent from the Dogecoin market recently.

The indicator of relevance here is the “Total Amount of Holders,” which, as its name suggests, keeps track of the total number of DOGE addresses that are carrying a non-zero balance right now.

When the value of this metric goes up, it can be because of a number of reasons. A major one would naturally be fresh adoption, as new investors coming into the sector would open up new addresses and add balance to them, thus raising the indicator’s value.

Other reasons can include existing users reconsolidating their holdings among multiple addresses (usually for a purpose like privacy) or old investors coming back to reinvest in the meme coin.

In general, whenever the metric shows this kind of trend, it means that some net adoption of the asset is taking place, which can be a positive sign in the long term.

On the other hand, a decline in the indicator implies some holders may have decided to exit from the cryptocurrency as they have completely cleared out their addresses.

Now, here is a chart that shows the trend in the Dogecoin Total Amount of Holders over the last few months:
```
The value of the metric appears to have been moving sideways for a while now | Source: Santiment on X
```
As displayed in the above graph, the ‘Total Amount of Holders’ for Dogecoin has been flat for many weeks now, implying that the adoption of the meme coin has hit the brakes.

Interestingly, this sideways trajectory has come despite the fact that DOGE’s price has gone through some volatile price action during this period. Generally, events like rallies are attractive to traders, so a notable amount of them tend to jump into the asset during them.

It would appear that the traders have either not been paying attention to the recent DOGE rally or just not taking it seriously. In the past couple of weeks, the ‘Total Amount of Holders’ for the meme coin has gone up by only 0.21%, despite the fact that the price has rallied more than 40% in the same window.

Historically, when a large number of traders join the blockchain at once during price surges, it’s a sign that FOMO around the asset is spreading. Usually, the meme coin’s price tends to go against the expectations of the majority, so when there is widespread FOMO, a top can become likely to take place.

As there hasn’t been any such FOMO for Dogecoin recently, it’s possible that it could be a positive sign for the rally’s continuation. There is also another signal brewing, however, that may not be so constructive.

From the chart, it’s visible that the Mean Dollar Invested Age, a metric that keeps track of the average age of DOGE investments, has plunged recently, implying that the experienced hands have been on the move. When this signal formed earlier in the year, the coin’s price approached the top not too long after.

DOGE Price

Dogecoin had surpassed the $0.22 level earlier, but it seems the asset has gone through some drawdown as it’s now back under $0.21.
```
Looks like the price of the coin has been going up in recent days | Source: DOGEUSD on TradingView
```
Featured image from Kanchanara on Unsplash.com, Santiment.net, chart from TradingView.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
[ad_2]

Keshav Verma

Source link
April 1, 2024
Dogecoin Could Hit $1 If History Repeats, Analyst Reveals When
[ad_1]
An analyst has explained that Dogecoin may be able to hit $1 if history repeats for it. Here’s when exactly this could happen for DOGE.

Dogecoin Has Been Breaking Out Of A Parallel Channel Recently

In a new post on X, analyst Ali has discussed a potential outcome for Dogecoin based on the historical pattern. Below is the chart for the weekly price of the memecoin shared by the analyst, which reveals a similar-seeming pattern that the asset has followed over the years.
```
The trend in the weekly price of DOGE over the last few years | Source: @ali_charts on X
```
As Ali has highlighted in the chart, before both of its previous two major bull runs, Dogecoin’s weekly price consolidated inside a specific parallel channel for a notable amount of time.

The “parallel channel” here refers to a pattern in technical analysis (TA) made up of two parallel trendlines inside which the price of the asset consolidates. Parallel channels can be of different types, like ascending and descending ones, but in the context of the current discussion, channels parallel to the time axis are relevant.

The upper trendline in such a pattern is drawn by joining together tops, while the lower line connects bottoms. When the price retests either of these lines, a reversal is more probable.

This means that a retest of the upper line could break the uptrend and cause the asset to go through a drawdown. Similarly, the lower line may be a source of support and help the price reverse itself back up.

However, a break out of either of these lines can imply a continuation of the trend in that direction. The graph shows that when the weekly price of Dogecoin saw breakouts like this out of the respective consolidation channels the last two times, it went through bull rallies.

In the past couple of years, it would appear that DOGE has once again gone through a similar period of consolidation as those previous two, and recently, the coin has been breaking out.

Ali has marked a potential trajectory that Dogecoin could follow in the chart based on the precedent set by these last two bull runs. “This may sound wild, but if history is any guide, Dogecoin $DOGE could hit $1 by mid-April!” says the analyst.

From the current cryptocurrency price, such a run would suggest an increase of more than 488% for the memecoin in less than a month and a half. Obviously, a rally like this would be super impressive if it ends up playing out like this.

It remains to be seen what trajectory Dogecoin follows now that it has seemingly broken free of its long parallel consolidation channel.

DOGE Price

When writing, Dogecoin is trading around $0.17, up 36% in the past week.
```
Looks like the price of the coin has slumped to sideways movement in the last couple of days | Source: DOGEUSD on TradingView
```
Featured image from Crystal Mapes on Unsplash.com, charts from TradingView.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
[ad_2]

Keshav Verma

Source link
March 8, 2024