Price: $0.19355 -2.4797%
Market Cap: 28.39B 1.1097%
Volume (24h): 4.49B 0.2%
Dominance: 1.1097%
Price: $0.19355 -2.4797%
Market Cap: 28.39B 1.1097%
Volume (24h): 4.49B 0.2%
Dominance: 1.1097% 1.1097%
  • Price: $0.19355 -2.4797%
  • Market Cap: 28.39B 1.1097%
  • Volume (24h): 4.49B 0.2%
  • Dominance: 1.1097% 1.1097%
  • Price: $0.19355 -2.4797%
Home > Information news > Soaring Dogecoin Charts Signal Potential Bull Run

Soaring Dogecoin Charts Signal Potential Bull Run

Release: 2024/02/21 06:22 Reading: 579

Original author:BH NEWS

Original source:https://coinmarketcap.com/community/articles/65d4f1f3847a3246663b142a

Soaring Dogecoin Charts Signal Potential Bull Run

You can also read this news on BH NEWS: Soaring Dogecoin Charts Signal Potential Bull Run

In 2024, Dogecoin’s value experienced an upward trajectory, hitting the resistance trend line of a prominent pattern in technical analysis. Market analysts have taken note of this development, recognizing it as Dogecoin’s second effort to climb. This report delves into the finer details of chart analysis, essential support and resistance thresholds, and professional insights to explore Dogecoin’s prospective success.

Weekly DOGE Trajectory Insights

Dogecoin’s weekly chart revealed a break above the declining resistance trend line that had been monitored for over a year. After peaking at $0.107, the price later surged in January 2024, hinting at a continued rise, albeit below its previous year’s apex. The weekly Relative Strength Index (RSI), a tool used to gauge market momentum, suggests this uptrend might persist.

The RSI, keenly watched by investors, serves as a gauge for predicting whether a currency is under or overvalued, guiding investment decisions on asset accumulation or liquidation. With the RSI exceeding 50 following the price surge, the data points to a bullish market advantage.

Daily DOGE Chart Dynamics

On a daily scale, DOGE has been charting a rising course within a parallel channel since mid-year. After a brief November 2023 exit, it dipped back, only to ascend to the channel’s median line. Currently challenging the resistance trend line, the daily RSI’s upward trend above 50 implies a breakout may be imminent.

Cryptocurrency investor InmortalCrypto projects an end to Dogecoin’s protracted consolidation period, forecasting a new rally on the horizon. An exit from the channel could spell a 17% gain for DOGE, aiming for the next resistance level at $0.103. Conversely, failure to break through could result in a 12% retracement to the $0.078 mid-line.

The post first appeared on BH NEWS: Soaring Dogecoin Charts Signal Potential Bull Run

Selected Topics

  • Dogecoin whale activity
    Dogecoin whale activity
    Get the latest insights into Dogecoin whale activities with our comprehensive analysis. Discover trends, patterns, and the impact of these whales on the Dogecoin market. Stay informed with our expert analysis and stay ahead in your cryptocurrency journey.
  • Dogecoin Mining
    Dogecoin Mining
    Dogecoin mining is the process of adding new blocks of transactions to the Dogecoin blockchain. Miners are rewarded with new Dogecoin for their work. This topic provides articles related to Dogecoin mining, including how to mine Dogecoin, the best mining hardware and software, and the profitability of Dogecoin mining.
  • Spacex Starship Launch
    Spacex Starship Launch
    This topic provides articles related to SpaceX Starship launches, including launch dates, mission details, and launch status. Stay up to date on the latest SpaceX Starship launches with this informative and comprehensive resource.
  • King of Memes: Dogecoin
    King of Memes: Dogecoin
    This topic provides articles related to the most popular memes, including "The King of Memes: Dogecoin." Memecoin has become a dominant player in the crypto space. These digital assets are popular for a variety of reasons. They drive the most innovative aspects of blockchain.