Dogecoin Continues Bullish Momentum, Pushes Beyond $0.080 Threshold
Dogecoin (DOGE), the cryptocurrency market’s most popular meme coin, continues to experience bullish momentum, pushing its value beyond the $0.080 threshold. Currently trading at $0.08087, Dogecoin showcases an increase of over 1% within the last 24 hours. Market experts remain optimistic, anticipating further gains.
Over the past week, Dogecoin’s price has fluctuated between $0.080 and $0.08200, indicating a strong bullish trend that contributed to an overall growth of approximately 2.90%. This growth coincides with Bitcoin breaching the $50k mark and Ethereum surpassing $2,600. Notably, Dogecoin’s trading volume has seen a significant increase of 56%, reaching $479 million. Currently ranked 11th in market capitalization, Dogecoin’s market value stands at around $11.57 billion, highlighting its resilience and potential for further growth.
Crypto analyst Captain Faibik suggests that Dogecoin is on the verge of a breakout from a symmetrical triangle pattern, which could lead to a substantial 30% surge, aiming for the 10-cent mark. To maintain its upward momentum, Dogecoin needs to consistently close above the $0.080 level. If successful, a rebound to $0.085 and eventually reaching the $0.1 threshold appears likely. However, failure to surpass the $0.080 mark may result in a decline, with immediate support near $0.078 and a more critical support level at $0.0760. A breach below this level could see Dogecoin descending towards $0.0710.
Technical indicators for Dogecoin show a bullish outlook, with the Moving Average Convergence Divergence (MACD) for DOGE/USD indicating a bullish crossover. The signal line is above the MACD line, suggesting increased buying pressure. The Average Directional Index (ADX) is predicted to potentially uptick at 9.66. Meanwhile, the Relative Strength Index (RSI) for DOGE/USD remains below 50, indicating a neutral market stance. Most moving averages and oscillators on the 24-hour chart further support an uptrend for Dogecoin.
Analyst comment
This news is evaluated as positive. As an analyst, it is expected that Dogecoin will continue its bullish momentum and potentially experience a surge of 30%, aiming for the 10-cent mark. However, it needs to consistently close above the $0.080 level to maintain its upward trajectory. Failure to surpass this level may result in a decline, with immediate support near $0.078 and a more critical support level at $0.0760. Technical indicators and moving averages support an uptrend for Dogecoin.
