-AD-
-AD-
HomeNewsDOGE Bulls on the Run: A 10% Price Rally May Break Resistance...

DOGE Bulls on the Run: A 10% Price Rally May Break Resistance at $0.0815

- Advertisement -
  • Dogecoin (DOGE) price has surged 5% in the last 24 hours, while trading volumes have skyrocketed by 90%.
  • With the potential for a 10% gain, DOGE is on track to turn the current supply zone into a bullish breaker at $0.0815, but a fall below $0.0569 could jeopardize this optimistic outlook.

Dogecoin’s Ascend: Rallying to New Heights

Amid a meme coin revival, Dogecoin (DOGE) stands out as a top performer, demonstrating a bullish trend while riding on the coattails of Bitcoin’s (BTC) rally. With a remarkable 25% increase in value over the past week, Dogecoin’s price has shown resilience, bouncing back from the $0.0569 support level. This positive momentum is further bolstered by a 90% surge in trading volume, indicating strong buyer interest.

As meme coins such as Shiba Inu (SHIB) and Floki Inu (FLOKI) follow in DOGE’s wake, with the latter experiencing over 30% gains, Dogecoin’s market position appears stronger than ever. The potential for a 10% price increase is on the horizon, with a break past the supply zone, ranging from $0.0755 to $0.0807, possibly flipping it into a bullish breaker and setting DOGE on a path to reach the $0.0815 resistance level.

Potential for Extended Gains and Associated Risks

In an exceptionally bullish scenario, Dogecoin’s gains could stretch further, potentially reaching the $0.0885 mark and flirting with the psychological barrier of $0.0900. This would represent a 30% increase from current levels, showcasing DOGE’s potential for substantial growth.

Dogecoin’s correlation with Bitcoin, sitting at 73%, indicates that DOGE’s price movements are closely tied to the flagship cryptocurrency’s performance. As Bitcoin continues its upward trajectory towards $35,000, Dogecoin is likely to follow suit.

Supporting this bullish outlook, the average transaction size for DOGE has seen a 24% increase over the last week, shifting from $12,552 to an impressive $42,327. This growth in transaction size hints at increased volatility and further bolsters the case for potential gains in Dogecoin’s price.

However, it is crucial to consider the risks. A rejection from the current supply zone could lead to a price correction, potentially erasing recent gains and bringing DOGE back down to the $0.0569 support level. In a worst-case scenario, a breakdown below this support could occur, signaling a bearish turn for Dogecoin.

Disclaimer: ETHNews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. ETHNews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
AnnJoy Makena
AnnJoy Makenahttps://www.ethnews.com
Annjoy Makena is an accomplished and passionate writer who specializes in the fascinating world of cryptocurrencies. With a profound understanding of blockchain technology and its implications, she is dedicated to demystifying complex concepts and delivering valuable insights to her readers. Business Email: info@ethnews.com Phone: +49 160 92211628
RELATED ARTICLES

LATEST ARTICLES