Dogecoin Dominates Top 10 Crypto Roster With 20% Rally In Last 7 Days
06 Abril 2023 - 7:41AM
NEWSBTC
Dogecoin had a wild week, reaching a high of $0.105 on April 3
after Elon Musk changed his Twitter logo to a Shiba Inu dog. The
move caused a stir around the meme coin community, leading to a
surge of over 30%. Although the price has fallen since then,
it has not been enough to dampen the overall outlook. According to
Coingecko, DOGE is currently trading at $0.090135, indicating a
significant 19% rise over the past seven days. Related
Reading: These Top 5 Meme Coins Are Bleeding As March 2023 Ends –
Here’s Why Source: Coingecko Despite a 1.7% drop in the last 24
hours, DOGE has had the most impressive price performance among the
top 10 cryptocurrencies. What lies ahead for Dogecoin now? Dogecoin
Dips As Bears Take Control After a period of strong gains,
Dogecoin’s momentum appears to be waning. The cryptocurrency has
been flashing red on the 1-day timeframe for two consecutive days,
signaling the start of a potential downtrend. This could be due to
a lack of buyer interest. Adding to the bearish outlook is DOGE’s
daily relative strength index (RSI), which has entered its
overbought zone, increasing the likelihood of a correction in the
near future. This correction could lead to a drop toward the $0.089
level, which served as resistance during the January and February
uptrend. Bears are known to take advantage of any easing in buying
pressure, and if the bearish momentum continues, the Dogecoin price
could plummet toward the 200-day Exponential Moving Average (EMA)
at $0.082. If DOGE breaks below this level, it could reach the
support confluence between the horizontal line and the 100-day EMA
at $0.080. When $DOGE breaks out above the HTF downtrend here, I
think $0.25 is a reasonable target. pic.twitter.com/yxUAeqxGHG — K
A L E O (@CryptoKaleo) April 4, 2023 Analyst Predicts Future Gains
Independent analyst Crypto Kaleo, meanwhile, sings a more bullish
tune. On Twitter, he said that the cryptocurrency is headed for a
breakout above a long-standing descending trendline resistance,
which could propel its price to reach $0.25 – a substantial 125%
increase. This prediction is based on a potential increase in
buying pressure, possibly fueled by the ongoing altcoin season
narrative. If this happens, the immediate resistance level at
$0.097 could be shattered, paving the way for more bullish
sentiment. A critical flip of this roadblock into support would
also invalidate the bearish thesis, as this level has been a tough
hurdle for DOGE investors for several months. DOGE total market cap
currently at $12.4 billion on the daily chart at TradingView.com
Related Reading: Shiba Inu: Market Stability At Pivotal Point As
Buyers Hold Strong At This Level In the most optimistic scenario,
the Dogecoin price could soar even higher and reach the $0.111
resistance level, which would signal a complete reclaim of the
coin’s December 5 high. As the crypto market continues to
evolve, only time will tell where Dogecoin will end up.
Nonetheless, it’s clear that the meme-inspired cryptocurrency is
causing a stir among traders and investors alike. -Featured image
from Motorsport.com
Dogecoin (COIN:DOGEUSD)
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