Saturday, February 24, 2024

Dogecoin Bulls See Opportunity After Recent Price Rise.

For a few weeks now, the price of Dogecoin has been consolidating without any obvious directional bias. However, given that DOGE is ready for a rally, the current upward movement is probably going to draw traders to the cryptocurrency.

Dogecoin pricing clears important obstacles.
The price consolidation of Dogecoin (DOGE) following the January 3 crash appears to have ended with the most recent move of 6.54%. This development succeeded in achieving two goals: it broke through the resistance level of $0.0821 and the declining trend line. The two aforementioned issues were major roadblocks that kept DOGE from increasing.

Investors should anticipate a higher run for the meme coin in the future.

The price of Dogecoin will not be rising steadily in the near future. The $0.0846 barrier needs to be turned into a support floor by DOGE. By doing this, the altcoin will be able to return to $0.0911, the middle of the 30% drop that took place between December 11, 2023, and January 3, 2024.

Overall, this move would represent a 10% gain over the current $0.0824 level.

The next major resistance cluster for DOGE, according to IntoTheBlock’s In/Out of the Money indicator, stretches from $0.0844 to $0.1222. Here, around 864k addresses bought 14.56 billion tokens at an average price of $0.0931. It’s interesting to note that, from a technical standpoint, this level aligns quite nicely with the predicted target, supporting the optimistic view for the dog-based meme coin.

In the event that the price of Dogecoin rises, these investors—who are out of money—will probably sell at breakeven. Therefore, the crucial take-profit levels are $0.0911 to $0.0931.

If the Dogecoin price breaches the $0.0749 support level, a lower bottom will however disprove the bullish argument. In these circumstances, DOGE might drop 5% and go back to $0.0713, the next significant support level.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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