Dogecoin Liquidity Sweep Signals DOGE Is Ready For A Rally
24 Outubro 2024 - 5:30PM
NEWSBTC
Dogecoin has been experiencing significant volatility, with a 44%
surge followed by a 9% dip since October 10. This dramatic price
movement has left analysts and investors cautiously watching the
market, unsure of Dogecoin’s next move. Some believe DOGE is
gearing up for a massive rally, driven by renewed interest and
momentum. In contrast, others are more skeptical, suggesting that
the meme coin may be entering a consolidation phase. Related
Reading: Bitcoin Bears Lose Control As BTC Net-Taker Volume Shifts
Positive Top crypto analyst Bluntz recently shared a technical
analysis on Dogecoin, highlighting its price fluctuated within a
4-hour range. According to Bluntz, the price has taken both sides
of this range, resulting in a classic liquidity sweep, a move often
seen before a major price shift. As Dogecoin remains in this
volatile environment, market participants are keenly awaiting
further signs to determine whether the next move will be an upward
rally or a consolidation period. Dogecoin Testing Crucial Liquidity
Following recent price movements, Dogecoin is testing crucial
liquidity levels, both on the supply and demand sides. Volatility
has gripped the market, and uncertainty is leading to growing fear
among investors, many of whom anticipate a DOGE rally in the coming
weeks. Top crypto analyst Bluntz recently shared a technical
analysis on X, highlighting the 4-hour Dogecoin chart showing a
clear trading range between $0.15 and $0.133. Bluntz notes that
price action has swept both sides of this range—first the highs,
then the lows—before being reclaimed, often indicating a liquidity
sweep. This type of price movement is often seen before a larger,
directional move, and Bluntz suggests it could create a bullish
scenario for DOGE shortly. He believes that once Dogecoin
decisively breaks above this established range, a massive rally
will likely follow, potentially taking DOGE to new highs. Related
Reading: Solana Stays Strong Despite BTC Drop – $176 Next? However,
while Bluntz’s bullish perspective offers hope for investors,
Dogecoin’s current volatility and market uncertainty could still
lead to sideways trading before any significant breakout occurs.
Investors are watching closely for a break of the $0.15 level,
which could signal the start of the anticipated upward move. DOGE
Holding Above $0.12 Dogecoin (DOGE) trades at $0.136 after five
days of heightened volatility and uncertainty. Over the past two
weeks, the price surged, and it is now holding above the crucial
$0.12 mark, which acted as a strong resistance level in September
and has since transformed into a key demand level. This price point
is pivotal, as holding above could signal further bullish momentum.
The daily 200 moving average at $0.128 is another critical support
level for Dogecoin. Maintaining strength above this moving average
would suggest long-term stability and the potential for DOGE to
push toward higher supply levels. However, if the price falls below
this level, it could trigger a retrace, causing the recent rally to
resemble a short-term “pump and dump” scenario. Related Reading:
Ethereum Bullish Breakout Confirmed – Top Analyst Predicts $3,400
Target If Dogecoin successfully holds above the $0.12 area, a
healthy consolidation phase could unfold, setting the stage for a
continued uptrend. Investors will closely monitor this level to
determine whether the recent price action can maintain its momentum
or if further downside is on the horizon. Featured image from
Dall-E, chart from TradingView
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