doge
Dogecoin Price Eyes $0.2 Rally As Analyst Identifies ‘Bottom Formation’
Published
3 weeks agoon
By
adminThe cryptocurrency market is witnessing a notable correction ahead of the U.S. presidential election of 2024. As Bitcoin price plunged below the $70,000 mark, the altcoin market is experiencing renewed selling pressure. While the Dogecoin price follows the same momentum, a renowned crypto analyst identified a possible bottom formation for most major altcoins. Currently trading at $0.15, the DOGE hovers at a crucial support zone to regain its bullish momentum for a $0.2 rally.
Dogecoin Price Targets $0.2 as Analyst Spots ‘Bottom Formation’
In a recent tweet, Italian crypto analyst Eliz shares an optimistic yet cautious outlook for the crypto market in the coming week. He believes that most major altcoins are starting to form a temporary bottom after the recent market.
However, Investors are advised to remain patient and vigilant, especially with macroeconomic factors like the upcoming election influencing market sentiment. His analysis highlights a range setup for Dogecoin price, with the potential for a robust entry point if a “mega range” solidifies.
By press time, Dogecoin had traded at $0.15, seeking support from the ascending trendline and $0.14. If the buyers manage to recuperate the exhausted bullish momentum at $0.143, the price of DOGE could initiate its next recovery leap.
The post-reversal rally could drive a rally to price to $0.02, accounting for a potential gain of 30%.
Large Holders Accumulate Aggressively as 30-Day MVRV Drops to 5.5%
According to santiment data, the large holders with wallet sizes of 10 million to 100 million coins have significantly raised their accumulation from 14.66 billion to 18.97 billion coins, reaching a 30% growth. The aggressive accumulation by large holders often indicates expectations of price appreciation, which could fuel further positive sentiment and attract additional interest from the broader market.
Historical data shows that whale accumulation has often coincided with a major market bottom and bolstered a long-term uptrend.
On the contrary, If sellers defended the $0.18-$.15 supply region, the Dogecoin price could witness a stalled rally
Frequently Asked Questions (FAQs)
Dogecoin is currently trading at $0.15 and hovering near a crucial support zone at $0.14, reinforced by a multi-month support trendline and the 20-day exponential moving average
If sellers defend the $0.18 to $0.15 supply region, the current rally could stall, preventing Dogecoin from breaking out.
The 30-day Market Value to Realized Value (MVRV) ratio has dropped to 5.5%, a sign that short-term traders are experiencing losses
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Altcoins
Analyst Says Dogecoin Has Way More Room To Grow, Sees Potential Rally to New All-Time High for DOGE
Published
2 days agoon
November 20, 2024By
adminA closely followed crypto strategist believes that top memecoin Dogecoin (DOGE) may be gearing up for an explosive surge.
Analyst Ali Martinez tells his 80,000 followers on the social media platform X that DOGE has more upside potential based on the level of public interest relative to its current price level.
He uses Google search trends to gauge the level of interest for the top memecoin by market cap.
“I read people saying Dogecoin will not go higher because of ‘market cap,’ ‘sell the news,’ ‘better memes.’ Well, when you look at the interest in DOGE over time, it isn’t even at peak popularity yet. Long story short, DOGE has way more room to grow.”
He also says that DOGE may be forming a bull flag pattern on the hourly timeframe and may soon surge past its all-time high of about $0.74. In technical analysis, a bull flag is viewed as a continuation pattern, indicating that an asset is consolidating and gearing up for a fresh rally.
“Dogecoin appears to form a bull flag! I’m looking out for an hourly close above $0.40 which could trigger a breakout to $0.85!”
DOGE is trading for $0.3742 at time of writing, up 3.6% in the last 24 hours but down about 49% from its all-time high of $0.731.
Lastly, the analyst says that Bitcoin (BTC) may override a bearish signal from the TD Sequential indicator and hit six figures.
Traders use the TD Sequential indicator to predict potential trend reversals for tokens based on the closing prices of their previous nine or 13 bars or candles.
“Finally, I believe a sustained daily close above $91,900 will invalidate this bearish Bitcoin outlook and trigger a breakout to $100,680!”
Bitcoin is trading for $90,885 at time of writing, up 1.6% in the last 24 hours.
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Altcoins
Top Trader Unveils Path to New All-Time High for Dogecoin, Says DOGE Will Remind Everyone Who Is the King
Published
3 days agoon
November 19, 2024By
adminA trader who continues to grow his following with timely crypto calls is outlining a potential price path for Dogecoin’s (DOGE) rally to fresh all-time highs.
Pseudonymous analyst Bluntz tells his 292,900 followers on the social media platform X that Dogecoin looks poised for a new wave of upside bursts after printing a local bottom at around $0.339.
The trader shares a chart suggesting that DOGE could explode to a new all-time high of $0.85 before ending its five-wave surge.
“Nothing changed, we just had a nice 23% low time frame dip I’m counting as a wave four within a monster extended wave three impulse.
Once the next DOGE leg-up start, it will probably start to suck liquidity out of smaller memes again. The only reason they went so hard this week was because DOGE has been chilling for five days in my opinion.
I think this week will be a DOGE week.”
Bluntz practices the Elliott Wave theory, a technical analysis approach attempting to predict future price action by following crowd psychology that tends to manifest in waves. According to Elliott Wave principles, a bullish asset often witnesses a five-wave rally, where waves one, three and five are upside moves and waves two and four are corrective periods.
At time of writing, DOGE is trading at $0.372, down 49% from its all-time high of $0.731.
Zooming in, Bluntz shares his forecast for DOGE in the coming days.
“Ideal scenario for DOGE is a slow grind up over the next few days which could set the stage for another parabolic breakout later in the week similar to the last…
I think DOGE is gonna gently remind everyone who the king is this week.”
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doge
Dogecoin (DOGE) Eyes $0.50 Again: Is a New Rally on the Horizon?
Published
4 days agoon
November 18, 2024By
adminDogecoin is consolidating gains above the $0.320 resistance against the US Dollar. DOGE is holding gains and eyeing more upsides above $0.400.
- DOGE price started a consolidating like Bitcoin and stayed above the $0.320 resistance level.
- The price is trading near the $0.3750 level and the 100-hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $0.3670 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could continue to rally if it clears the $0.400 and $0.4150 resistance levels.
Dogecoin Price Eyes Fresh Surge
Dogecoin price started a consolidating phase above the $0.320 zone like Bitcoin and Ethereum. DOGE formed a base above $0.350 and is currently rising.
There was a move above the $0.3550 and $0.3620 resistance levels. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.4342 swing high to the $0.3400 low. There was also a break above a key bearish trend line with resistance at $0.3670 on the hourly chart of the DOGE/USD pair.
Dogecoin price is now trading near the $0.3750 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.3720 level.
The next major resistance is near the $0.3880 level or the 50% Fib retracement level of the downward move from the $0.4342 swing high to the $0.3400 low. A close above the $0.3880 resistance might send the price toward the $0.400 resistance. Any more gains might send the price toward the $0.4200 level. The next major stop for the bulls might be $0.500.
Are Dips Limited In DOGE?
If DOGE’s price fails to climb above the $0.3720 level, it could start a downside correction. Initial support on the downside is near the $0.3650 level. The next major support is near the $0.3500 level.
The main support sits at $0.320. If there is a downside break below the $0.320 support, the price could decline further. In the stated case, the price might decline toward the $0.300 level or even $0.2950 in the near term.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major Support Levels – $0.3650 and $0.3500.
Major Resistance Levels – $0.3720 and $0.3880.
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