Dogecoin Bulls On The Rise: Analyst Highlight Path To $0.2
21 Maio 2024 - 9:00PM
NEWSBTC
Dogecoin (DOGE), the popular meme-inspired cryptocurrency, is
currently demonstrating signals that suggest it might be on the
cusp of a significant bullish breakout. According to a recent
analysis from prominent crypto analyst Ali, the meme-inspired
cryptocurrency appears to be approaching a crucial resistance
level, with market behaviors hinting at potential upward movement.
Related Reading: Did A Dogecoin Whale Just Sink The DOGE Ship? The
$30-Million Transfer Mystery Eyes Set On Breaking The $0.2
Resistance Level Ali, a well-known market analyst, pointed out that
Dogecoin is testing the possibility of reaching its highest price
level in over a month at $0.2. His analysis is based on DOGE’s
recent escape from a descending triangle pattern, which typically
suggests a shift in market dynamics favoring buyers. Following a
pattern similar to the previous cycle, where DOGE experienced a
retracement after breaking out from a descending pattern before
rallying, the asset has recently completed a significant 47%
retracement. This movement has led Ali to highlight the market’s
tendency to echo past patterns, though not perfectly. With the
breakout from the descending pattern and subsequent retracement now
complete, DOGE is positioning itself for another push toward the
$0.2 resistance level. History doesn’t repeat itself, but it often
rhymes!! https://t.co/qr9BG5QnjH — Ali (@ali_charts) May 21, 2024
This level has proven challenging, with selling pressure frequently
intensifying around this range. However, the broader market
sentiment remains bullish, which could support Dogecoin’s push
toward this key price point. Notably, to reach $0.2, DOGE would
need to increase further by nearly 20% from its current position.
Currently, the memecoin is trading at $0.168, reflecting a 10%
increase over the past 24 hours and continuing a week-long uptrend
that has seen nearly a 15% increase. Surging Interest In Dogecoin
And Strong Upside Signal The positive movement in DOGE’s price
performance is further underscored by a surge in DOGE’s open
interest, which has risen by 23% in the past day to reach $1
billion, according to data from Coinglass. Additionally, the open
interest volume has soared by 200%, now at nearly $4 billion. An
increase in open interest indicates that new market participants
are entering or existing positions are being expanded. This can be
a sign of strengthening market activity and a supportive factor for
the ongoing price increase. Echoing Ali’s sentiment, another
analyst from Crypto Daily Trade Signals identified a symmetrical
triangle pattern in DOGE’s price movements, reinforcing the
potential for continued upward momentum. Related Reading: Despite
Price Lull, Shiba Inu Burn Rate Heats Up: Are Investors Preparing
For A Mega Rally? According to this analysis, Dogecoin is showing
signs of bullish behavior, with immediate resistance near $0.15950.
However, since DOGE already surpassed that, the analyst noted other
resistance levels at $0.16980 and $0.18440. Featured image created
with DALL·E, Chart from TradingView
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