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Crypto Dogecoin: The bullish rally is on the horizon!

Thu 23 May 2024 ▪ 4 min of reading ▪ by Mikaia A.
Altcoins

Is the cryptocurrency Dogecoin set to make waves again and soar to the moon? With a symmetrical triangle configuration promising a potential rally for DOGE and a breakout of key resistances, the $0.3 mark seems within reach. The conditions are all in place, fasten your seatbelts!

Chien Shiba pilotant une voiture Formule 1, logo de Dogecoin

Dogecoin Parties with the Bulls

Shiba Inu traders are celebrating with the latest statistics, but Dogecoin enthusiasts can pop the champagne as well. The beloved meme cryptocurrency is now trading at $0.1641, marking an 8.6% increase in 24 hours and nearly 10% over the week. A jump worthy of a kangaroo on amphetamines.

This resurgence in Dogecoin’s vitality aligns with the overall enthusiasm of the crypto market, notes AMB Crypto. Crypto investors, energized by the bullish momentum, are injecting funds in hopes of juicy gains.

But make no mistake, this isn’t just beginner’s luck. Analysts are closely watching the movements of this altcoin. Crypto Daily Trade Signals, a recognized figure in the field, has spotted a symmetrical triangle on Dogecoin’s chart. This neat little triangle often signals a consolidation phase before a sharp rise or fall.

doge-price-evolution
Chart on DOGE price evolution – Source: TradingView

So, Dogecoin, will it continue to climb like an acrobat or fall like a soufflé? The bets are on. One thing is certain: Dogecoin fans and traders of all stripes are watching closely, ready to seize the next opportunity. And why not reach $1?

The Rise of This Meme Crypto to Infinity and Beyond?

Ah, Dogecoin! Still as unpredictable and captivating as ever. Crypto experts are at a loss. The symmetrical triangle identified by analysts shows that Dogecoin is battling a strong resistance at $0.1545, while the 50-day exponential moving average (EMA) acts as a bodyguard at $0.1513.

At the time of writing, Dogecoin hovers above this EMA, suggesting a gentle upward trend. But let’s not claim victory too soon! To validate this rise, our dear crypto Dogecoin must cross the $0.1595 mark, as pointed out by Crypto Daily Trade Signals.

The relative strength index (RSI) exceeds 50, a sign that buyers have the upper hand in the market. The next resistances to watch? $0.1698 and $0.1844. If Dogecoin surpasses these, brace yourself for spectacular increases.

But beware, the ground is also fragile. Below $0.15100, caution is required, despite an optimistic RSI. Open interest jumped 16.64% in 24 hours, reaching $946.56 million, while volume nearly doubled to $2.76 billion.

Not everything is rosy for everyone: total liquidations exceed $400,000, with long altcoin traders taking hits. The cryptocurrency Dogecoin, true to itself but trailed by Shiba Inu, promises a spectacle, for better or for worse.

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Mikaia A. avatar
Mikaia A.

La révolution blockchain et crypto est en marche ! Et le jour où les impacts se feront ressentir sur l’économie la plus vulnérable de ce Monde, contre toute espérance, je dirai que j’y étais pour quelque chose

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.