Dogecoin Price Jumps 3%, But Investors Flock To This P2E DOGE Derivative Offering A Last Chance To Buy
Release: 2024/08/20 15:59 Reading: 230
Dogecoin Price Surges, Aiming for Consolidation Exit
The Dogecoin (DOGE) price has seen a surge of over 3% in the past 24 hours, trading at $0.1046 as of 11:45 p.m. EST. Investors are actively accumulating the largest meme coin by market capitalization.
However, despite this recent gain, DOGE remains in the red over weekly and monthly timeframes.
Dogecoin Consolidates Before Breakout Attempt
Over the last few days, DOGE has traded within a consolidation channel bounded between $0.0941 and $0.1068. Currently, the meme coin is testing the $0.1068 resistance in an attempt to break out of this sideways trading pattern.
A sustained close above $0.1068 on the 4-hour timeframe could provide technical groundwork for further upward movement in the coming 24-48 hours. Traders may consider a breakout from the channel as a potential long entry, targeting the next major resistance at $0.1223.
Conversely, if DOGE encounters resistance at $0.1068, it could invalidate the bullish thesis. In this scenario, the coin may retest the $0.0941 support. If sellers maintain pressure, DOGE could potentially decline further to $0.0842 in the near term.
Technical Indicators Paint a Bullish Picture
Technical indicators on DOGE's 4-hour chart suggest continued upward momentum. The Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) both indicate bullish sentiments.
The MACD line has recently crossed above the MACD Signal line, signaling a potential shift into a positive short-term trend. The widening gap between the MACD and MACD Signal line further supports the strengthening bullish momentum.
RSI readings have risen from below the crucial 50 benchmark to 60, indicating that buyers have gained control and could drive the price higher in the next 24 hours.
If these technical signs hold true, DOGE could break above the $0.1068 resistance, creating the potential for a rally to $0.1223.
Disclaimer: This article contains information about a specific crypto asset and its related project. It is not intended to be financial advice and should not be relied upon as such. Consult with a qualified financial advisor before making any investment decisions.
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