Dogecoin ( $0.000 ) ( $0.000 ) sliced through a critical resistance barrier in the past few hours.
As long as prices stays above $0.26, the odds should favor the bulls.
Further buying pressure could push DOGE to $0.43.
Share this article
Dogecoin ( $0.000 ) ( $0.000 ) is the latest meme coin that looks poised to resume its uptrend. Both technical and on-chain metrics suggest that DOGE could possibly enter a new bull run in the short-term.
Dogecoin ( $0.000 ) ( $0.000 ) Ready to Resume Uptrend
Dogecoin ( $0.000 ) ( $0.000 ) appears to be breaking out after enduring a five-month-long consolidation period.
Since late April, the tenth-largest cryptocurrency by market cap has been developing a descending triangle on its daily chart. As DOGE’s price recorded a series of lower highs, the $0.17 level has acted as support.
A recent spike in buying pressure appears to have pushed Dogecoin ( $0.000 ) ( $0.000 ) ( $0.000 ) beyond the triangle’s hypotenuse, which can be considered a breakout. If DOGE can print a daily candlestick close above $0.26, it is possible the coin could enter a 78% bull rally toward $0.43.
Such an impressive bullish target would be determined by measuring the triangle’s y-axis and adding that distance to the breakout point.
Whales Are Back
The number of large transactions on the network (i.e., those with values greater than $100,000) can act as a proxy to measure institutional players’ and whales’ activities. A significant increase in large transactions could indicate that wealthy investors are beginning to position themselves for a new bull run.
Roughly 2,200 large transactions are currently being executed on the Dogecoin ( $0.000 ) ( $0.000 ) ( $0.000 ) network, representing a 100% increase since Sep. 28. The rising on-chain activity might suggest that whales are starting to take control of the price action.
If this metric starts to record a series of higher highs, the odds would likely favor the bulls, and DOGE may achieve its upside potential.
It is worth noting that a decisive candlestick close above $0.26 must occur to validate the bullish outlook. Failing to regain this level as support could result in a steep correction for Dogecoin ( $0.000 ) ( $0.000 ) ( $0.000 ) as $0.20 and $0.17 are the most significant interest areas underneath it.
This news was brought to you by Phemex, our preferred Derivatives Partner.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Dogecoin ( $0.000 ) ( $0.000 ) Creator Backs Ethereum ( $0.00 ) , NFT Compatibility
Markus says that the updates would boost adoption. Dogecoin ( $0.000 ) ( $0.000 ) ( $0.000 ) Co-Founder Pushes DOGE-ETH Bridge Billy Markus thinks that Dogecoin ( $0.000 ) ( $0.000 ) ( $0.000 ) could benefit from becoming more compatible with the Ethereum ( $0.00 ) ( $0.00 ) ( $0.00 ) ecosystem. The meme…
AMC Is Considering Dogecoin ( $0.000 ) ( $0.000 ) ( $0.000 ) Alongside Other Cryptos
Adam Aron, CEO of AMC Entertainment, polled his Twitter audience today on the possibility of accepting Dogecoin ( $0.000 ) . More Than 80% of Respondents Support Dogecoin ( $0.000 ) ( $0.000 ) ( $0.000 ) Aron posted this message on his…
Efficient Market Hypothesis: Does Crypto Follow?
The Efficient Market Hypothesis (EMH) is a concept in financial economics which states that security prices reflect all the available information about a financial instrument. EMH is one of the…
Two On-Chain Metrics to Time Dogecoin ( $0.000 ) ’s Next Move
Dogecoin ( $0.000 ) ( $0.000 ) appears to be repeating the price action it has experienced since the beginning of the year. Although the buying pressure is not high enough for DOGE to break out,…