Dogecoin Price Forms A Falling Wedge Pattern, Can Price Touch $0.11?
04 Abril 2023 - 2:30PM
NEWSBTC
Over the past 48 hours, there has been a significant increase in
the price of Dogecoin. This surge in value is attributed to market
participants reacting positively to Twitter’s recent change of its
home button to the doge meme. In the last 24 hours alone, the
meme-coin experienced a boost of nearly 27%. It broke through the
$0.10 price level. The technical analysis of the coin also suggests
an extremely bullish trend on the chart, with buyers rushing to the
market and a surge in demand for the meme-coin. Accumulation has
also seen a substantial positive shift. Related Reading: Dogecoin
Flips Cardano In Market Cap, Becomes 7th Largest Crypto
Furthermore, Dogecoin has formed a pattern indicating a potential
trend reversal, which could further increase bullish momentum.
However, it is important to note that a price pullback is still
possible despite this pattern. The coin must remain above the two
vital price levels to continue its upward trend. Currently,
Dogecoin remains stuck under a crucial resistance mark. Dogecoin
Price Analysis: One-Day Chart At the time of writing, DOGE was
priced at $0.096. The coin briefly revisited the $0.101 zone before
dropping below the $0.098 mark. Overhead resistance for DOGE was
set at $0.99, and breaking above this level could push the coin
back above the $0.100 zone. A falling wedge pattern has emerged for
Dogecoin, indicating a potential trend reversal. This could further
reinforce the upward momentum of the coin. If DOGE surpasses the
$0.100 mark, it may encounter another resistance at $0.102,
breaking which the bulls could revisit $0.107 and eventually target
$0.110. Local support for Dogecoin was at $0.090; a drop from that
level could drag the coin to $0.082. Therefore, it is essential
that DOGE trades above the $0.082 support level to continue moving
upward. The volume of DOGE traded in the last session was positive,
indicating a rise in buying strength. Technical Analysis Buying
strength of DOGE witnessed a sharp surge, causing the asset to
become overbought and overvalued at the time of writing. This was
indicated by the Relative Strength Index (RSI) standing above 70, a
signal for an overbought asset. Typically, after being overbought,
the asset’s price tends to undergo a significant pullback.
Likewise, Dogecoin moved above the 20-Simple Moving Average (SMA)
line. This signified that buyers were driving the price momentum in
the market. With the increase in demand, other technical indicators
have also aligned with the bulls. The Moving Average Convergence
Divergence (MACD), which indicates price trends and reversals,
turned green with growing green signal bars tied to buy signals for
the coin at the time of writing. Related Reading: Here’s Why
Bitcoin Could Break At Least $33,000 In This Rally Bollinger Bands
also opened up significantly, indicating that the possibility of
price volatility and fluctuation cannot be ignored. Featured Image
From UnSplash, Charts From TradingView.com
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