Dogecoin Price Prospects: Can The Memecoin Climb To The $0.1 Level?
31 Julho 2023 - 9:30AM
NEWSBTC
Dogecoin (DOGE) has been witnessing a notable recovery in recent
days, and technical analysis suggests that an ascending trendline
is providing significant support to this upward movement. An
ascending trendline represents a price chart that connects a series
of higher lows over time. It acts as a visual guide to tracking the
price movements of an asset, indicating a bullish sentiment in the
market. Related Reading: XRP Struggles In Its Journey To $1:
Market Observers Share Contrasting Views As of the latest data
from CoinGecko, Dogecoin price stands at $0.079, experiencing
a minor 24-hour slump of 0.9%. However, it has still managed an
impressive seven-day rally of 7.2%, hinting at the potential for
further gains. Source: Coingecko Understanding DOGE’s Ascending
Trendline An ascending trendline is essential for traders and
analysts as it helps them visualize an asset’s market sentiment and
potential price levels. When the asset price approaches the
ascending trendline, it indicates a likely level of support, and if
the price breaks above the trendline, it suggests an uptrend
resumption. With sustained buying pressure, DOGE buyers have the
potential to re-challenge the last swing high at $0.083. A bullish
breakout for DOGE above this resistance level would hint at
the resumption of the uptrend, potentially pushing the
meme-inspired cryptocurrency’s market value higher by 21.7% to
reach $0.095. As of today, the market cap of Dogecoin reached $11.1
billion. Chart: TradingView.com Positive Indicators On Dogecoin
Daily Chart Meanwhile, several indicators signal bullish momentum,
as a recent price analysis notes. The Exponential Moving
Average (EMA) Ribbon, a cluster of EMAs that smooth out price data,
displayed a bullish crossover, further reinforcing the upward
momentum. Moreover, the Moving Average Convergence Divergence
(MACD) indicator showed that the bulls have the upperhand, a sign
that an upward trend may be in the pipeline. DOGE’s Money Flow
Index (MFI), which measures money flow into or out of an asset,
also increased. This development is favorable for buyers as it
suggests that more capital is entering the DOGE market, supporting
its recent price gains. Dogecoin price action in the last week.
Source: CoinMarketCap DOGE Outlook Dogecoin’s current recovery is
supported by an ascending trendline, indicating a positive market
sentiment among buyers. With several bullish indicators on the
daily chart, including the EMA Ribbon, MACD, and MFI, the potential
for an uptrend resumption and a push toward $0.095 is
plausible. Related Reading: Shibarium Hype: Shiba Inu Whales
Boost Appetite, Snag 1 Trillion SHIB Tokens However, as with any
investment, caution should be exercised, and investors must conduct
their research and consider various factors before making any
decisions. The crypto market can be volatile, and prices are
subject to rapid changes. (This site’s content should not be
construed as investment advice. Investing involves risk. When you
invest, your capital is subject to risk). Featured image from
Medium
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