Connect with us

doge

Dogecoin Price Eyes $0.2 Rally As Analyst Identifies ‘Bottom Formation’

Published

on


The 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.

Dogecoin priceDogecoin price
DOGE Chart

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.

Dogecoin (DOGE) Dogecoin (DOGE)
Supply Distribution | Santiment

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

✓ Share:

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.





Source link

doge

Dogecoin (DOGE) Poised for a Move: Will It Start a Fresh Increase?

Published

on


Dogecoin started a downside correction from the $0.180 zone against the US Dollar. DOGE tested $0.1420 and is currently recovering losses.

  • DOGE price started a fresh decline from the $0.180 resistance level.
  • The price is trading below the $0.1650 level and the 100-hourly simple moving average.
  • There is a key bearish trend line forming with resistance at $0.1580 on the hourly chart of the DOGE/USD pair (data source from Kraken).
  • The price could start a fresh increase if it clears the $0.1550 and $0.1580 resistance levels.

Dogecoin Price Eyes Fresh Increase

Dogecoin price started a fresh decline after it failed to clear the $0.180 resistance like Bitcoin and Ethereum. DOGE declined below the $0.1720 and $0.1650 support levels.

The price even declined below $0.1550 before the bulls appeared. A low was formed at $0.1422 and the price is now attempting a recovery wave. There was a move above the $0.150 resistance zone. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.1790 high to the $0.1422 low.

Dogecoin price is now trading below the $0.1550 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.1550 level. The next major resistance is near the $0.1580 level. There is also a key bearish trend line forming with resistance at $0.1580 on the hourly chart of the DOGE/USD pair.

Dogecoin Price

A close above the $0.1580 resistance might send the price toward the $0.1600 resistance. Any more gains might send the price toward the $0.1650 level or the 61.8% Fib retracement level of the downward move from the $0.1790 high to the $0.1422 low. The next major stop for the bulls might be $0.1720.

Another Decline In DOGE?

If DOGE’s price fails to climb above the $0.1550 level, it could start another decline. Initial support on the downside is near the $0.1480 level. The next major support is near the $0.1420 level.

The main support sits at $0.1400. If there is a downside break below the $0.1400 support, the price could decline further. In the stated case, the price might decline toward the $0.1320 level or even $0.1300 in the near term.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.

Major Support Levels – $0.1480 and $0.1420.

Major Resistance Levels – $0.1550 and $0.1580.



Source link

Continue Reading

algo

Analyst Names Two Altcoins That Can Soar About 600% This Cycle, Updates Outlook on Dogecoin

Published

on


A closely followed crypto analyst believes that two altcoins have the potential to skyrocket by as much as 5x before this cycle is over.

Pseudonymous analyst Altcoin Sherpa tells his 228,100 followers on the social media platform X that he’s extremely bullish on the altcoin market.

According to the analyst, even average altcoins will see massive price rallies if conditions turn bullish for crypto.

Specifically, the trader sees the decentralized oracle network Chainlink (LINK) and the layer-1 protocol Algorand (ALGO) printing gains between 400% and 600% before the current cycle comes to a close.

“Market average for sh*tcoins from here on out: probably about 3-5x for this cycle on the low end and 5-10x for prices on the high end.

Meaning: If you buy pretty much anything at this point in time, I expect it to go 3-5x.

Here are two examples with LINK [and] ALGO.” 

Image
Source: Altcoin Sherpa/X

Looking at the trader’s chart, he seems to predict that LINK will surge by over 350% to revisit all-time high levels. As for ALGO, Altcoin Sherpa shares a chart suggesting that an over 300% move will not even take the coin close to its all-time high of $3.56.

Image
Source: Altcoin Sherpa/X

Turning to the top memecoin Dogecoin (DOGE), Altcoin Sherpa thinks the altcoin is taking a breather before sparking a new leg up.

“This is the bottom you want to see for DOGE in my opinion.

Lots of volatility and a range forming.” 

Image
Source: Altcoin Sherpa/X

At time of writing, DOGE is trading for $0.159.

Altcoin Sherpa also names other coins that he thinks will do well once the market enters full-bull territory.

“Mid-cap memes are taking a lot of mindshare and I still think stuff like BONK/PEPE/WIF probably outperforms a great percentage of utility coins. But if you’re looking for utility, I would prob go:

-New coins like EIGEN
-High float/older coins like FTM (+rebrand)
-new infra coming out like monad/berachain
-new coins that came out and down only (never pumped) aka REZ, ZK and those types

Lots of different ways to play the upcoming alt pump; be flexible and prepared.” 

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Salamahin/HUT Design





Source link

Continue Reading

Altcoins

Top Analyst Says ‘God Candle’ Loading on Solana-Based Altcoin, Updates Outlook on Bitcoin and Dogecoin

Published

on


A widely followed analyst and trader is leaning bullish on a blockchain oracle built in the Solana (SOL) ecosystem while offering his outlook on Bitcoin (BTC) and Dogecoin (DOGE).

Pseudonymous crypto trader Bluntz tells his 290,400 followers on the social media platform X that the native token of Solana-based blockchain oracle Pyth Network (PYTH) is primed for a strong bullish movement.

“God candle loading on PYTH.

Perfectly rounded bottom with three months of accumulation.

Currently flirting with the final boss as far as accumulation resistance goes [just below the $0.50 price] and once cleared, clear skies ahead.

Solana beta is about to start getting some love again in my opinion.”

Image
Source: Bluntz/X

PYTH is trading at $0.399 at time of writing.

Moving on to the flagship digital asset, Bluntz – who regularly utilizes Elliott Wave theory in his technical analysis – says that Bitcoin “should pop higher” after undergoing a brief correction in a three-wave pattern.

Elliott Wave theory states that the main trend of the price of an asset moves in a five-wave pattern while a correction occurs in a three-wave pattern.

Based on the analyst’s chart, it appears Bluntz is suggesting that Bitcoin could hit a new all-time high price of just under $80,000 in the first few days of November.

“I see lots of election volatility fear posts popping up and I don’t think the fear is unfounded, but I do think that election volatility will rear its head from higher up.”

Image
Source: Bluntz/X

Bitcoin is trading at $72,054 at time of writing.

Concluding with popular meme asset DOGE, the trader says its primed to go higher after enjoying an accumulation period of over two years.

“Many will succumb to selling DOGE too early, despite getting in at these low levels.

This is a consequence of 874 days of accumulation, recondition your brain, bullieve in something.”

Image
Source: Bluntz/X

Dogecoin is trading at $0.171 at time of writing.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney





Source link

Continue Reading
Advertisement [ethereumads]

Trending

    wpChatIcon