Thursday, June 20, 2024

Dogecoin’s Bullish Momentum Strengthens as Meme Coin Turns 10.

It is no little accomplishment that since October 18, when the market as a whole became positive and led meme coins in an upswing, the Dogecoin (DOGE) price has maintained the bright view. With its formal introduction on December 6, 2013, the dog-themed cryptocurrency turned 10 years old today, thanks to a 65% increase.

Dogecoin is expected to reach $0.10000, up 6%.

During the meme coin’s price increase that began on October 18, Dogecoin (DOGE) flipped the first supply zone, which stretches between $0.07687 and $0.08039, into a bullish breaker and is now using it as a springboard for further gains. The price is actually trying to do the same thing for the next supply barrier, which is between $0.08980 and $0.09432, but this time, observers are keeping a watch on the region above $0.10000.

The Relative Strength Index (RSI) at 74 indicates that DOGE is overbought, but there is still room for improvement because the momentum indicator is still pointing north, indicating persistently strong momentum. Likewise, the Awesome Oscillator (AO) exhibits a bullish presence in the DOGE market as it continues to stay in the positive region with green histogram bars.

So, if buying pressure picks up above current levels, the Dogecoin price can break out of this zone and continue its gains to the psychological $0.10000 mark. Once the price registers a decisive daily candlestick close above the $0.09198 midline, the advance will be confirmed.

In an extremely bullish scenario, the price of Dogecoin can reach the peak of the $0.10500 area. A move like that would represent a 12% increase over the present levels.

On the other hand, Dogecoin’s price may be rejected by the supply barrier between $0.08980 and $0.09432 if early profit booking occurs. DOGE may decline if this order block continues to act as resistance, and a daily candlestick close below its midline at $0.09198 would indicate a downward trend.

The landslide that follows can cause Dogecoin’s price to drop and reenter the ascending parallel channel. A strong move below the $0.07889 midline of the initial supply barrier that turned bullish will refute the bullish argument.

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.
RELATED ARTICLES

Most Popular