Dogecoin Leads Meme Coin Price Surge
Release: 2024/05/05 00:00 Reading: 420
Dogecoin Leads Surge in Meme Coin Prices
Dogecoin (DOGE) is experiencing an upward trend, leading the surge in meme coin prices. Its value has established a support level at $0.1290, triggering gains for other cryptocurrencies like Shiba Inu (SHIB), Pepe (PEPE), Dogwifhat (WIF), and Floki Inu (FLOKI).
Technical Analysis for Dogecoin
Investors considering a long-term position in DOGE should note that its price is at a crucial juncture. However, caution is advised as DOGE has not consistently traded above the Bollinger indicator's center line. This suggests a potential shift in momentum and a possible reversal to a downtrend.
The current price approaching the center line indicates reduced volatility. Conversely, it also suggests the possibility of increased volatility and significant price movements in either direction.
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The Relative Strength Index (RSI), while hovering around 50, shows signs of increasing momentum. This suggests a lack of strong market direction.
Dogecoin Price Forecast
DOGE bulls are attempting to push its price above the Bollinger indicator's center line at $0.1498 and confirm this with a move above the RSI's 50 level. This could trigger a buy signal. However, cautious investors may prefer to wait for DOGE to retest the center line and confirm a higher RSI level.
A breakout above the resistance level of $0.1649 could attract more buying demand and drive DOGE towards $0.1800. In a bullish scenario, it could reach the psychological level of $0.2000 or even higher to the $0.2288 range.
Conversely, a pullback from the center line to $0.1498 could lead to a decline. Losing the support level at $0.1290 would be concerning. However, it is generally believed that upward momentum will only be invalidated by a daily close below $0.1151.
Original Source: COINTURK NEWS: Dogecoin Leads Meme Coin Price Surge
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