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Cryptocurrency News Articles
Dogecoin (DOGE) Breaks a Key Resistance Level to Record a Daily Surge of 8% and a Weekly Run of 15%, Trading at $0.1235
Sep 27, 2024 at 07:36 pm
According to analysts, DOGE could extend this bullish run since it has recently broken out of a falling wedge pattern which has been in place for several months now.
Dogecoin (CRYPTO: DOGE) price today surged by 8% to record a daily high of $0.1235. The meme coin has also seen a 15% surge in the past week.
Dogecoin Price Analysis
Dogecoin price surged past a key resistance level on Monday, continuing its recent rally. The DOGE price is now up by 8% in the past 24 hours, reaching a daily high of $0.1235. With this surge, DOGE is now trading at its highest price level since August 22.
The recent rally in Dogecoin price could be attributed to several factors, including the meme coin’s breakout from a falling wedge pattern that has been forming for several months now. Typically, in this scenario, the price makes a maximum surge that is equal to the distance between the upper and lower trendlines. In the case of DOGE, this breakout could lead to a further 72% upsurge.
Our analysts also observed that the asset’s funding rate has been positive since September 17, indicating that traders have been opening more long positions. According to analysts, this market condition usually creates an entry point for new traders.
Furthermore, the technical analysis reveals that the current price of the asset is slightly above the $0.108 and $0.111 price range where a large number of DOGE holders entered the market. According to reports, 62,270 addresses bought around 36.08 billion DOGE tokens within the price range.
Dogecoin Price Prediction: What's Next?
Crypto analyst Ali Martinez highlighted this key level in his recent analysis, suggesting that if DOGE manages to hold this price, it could confirm a bullish breakout.
Dogecoin surged past the $0.111 resistance, where 62,270 addresses hold over 36 billion $DOGE. If DOGE holds this level, it could confirm a bullish breakout. With no major supply walls in sight, the path to $0.150 looks clear.
Confirming the bullish outlook, Martinez also pointed out the recent whale activities, disclosing that large investors purchased around $140 million worth of DOGE in just two days.
Dogecoin Price Analysis: Key Resistance Level Broken
Dogecoin price today surged past a crucial resistance level, continuing its recent rally. The DOGE price is now up by 8% in the past 24 hours, reaching a daily high of $0.1235. With this surge, DOGE is now trading at its highest price level since August 22.
The recent rally in Dogecoin price could be attributed to several factors, including the meme coin’s breakout from a falling wedge pattern that has been forming for several months now. Typically, in this scenario, the price makes a maximum surge that is equal to the distance between the upper and lower trendlines. In the case of DOGE, this breakout could lead to a further 72% upsurge.
Moreover, our analysts observed that the asset’s funding rate has been positive since September 17, indicating that traders have been opening more long positions. According to analysts, this market condition usually creates an entry point for new traders.
Furthermore, the technical analysis reveals that the current price of the asset is slightly above the $0.108 and $0.111 price range where a large number of DOGE holders entered the market. According to reports, 62,270 addresses bought around 36.08 billion DOGE tokens within the price range.
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