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Cryptocurrency News Articles
Dogecoin (DOGE) Rallies Sharply, Drawing Bullish Forecasts From Analysts
Sep 27, 2024 at 12:16 pm
The world’s biggest memecoin by market capitalization Dogecoin DOGE/USD rallied sharply Thursday, drawing bullish forecasts from influential cryptocurrency analysts.
The world’s biggest memecoin by market capitalization soared nearly 9% on Thursday, emerging as one of the market’s biggest gainers in the last 24 hours.
The original meme currency was also the most traded in the last 24 hours, with volumes surging 109% to $1.4 billion. Influential cryptocurrency analysts highlighted the coin’s price and Relative Strength Index (RSI) breakout from a multi-month downtrend, underscoring DOGE’s strength.
Here’s what the analysts are saying about Dogecoin’s technical breakout
Popular cryptocurrency analyst Ali Martinez highlighted the coin’s price and RSI breakout from a multi-month downtrend, underscoring DOGE’s strength.
The researcher also spotted a buy signal from the Super Trend indicator. For the uninitiated, it’s a popular technical analysis tool used for identifying market trends and potential entry and exit points in trading.
Another widely-followed Dogecoin analyst, going by the pseudonym Kevin, also noted the breakout but urged caution, stating that the cryptocurrency still needed to break through major resistance levels.
“Breaking 0.1434 will be a major milestone,” Kevin added.
What Happened Next: With the latest spike, Dogecoin climbed to levels last seen nearly two months ago. According to Trading View, the Moving Average Convergence Divergence (MACD) indicator flashed a buy signal for DOGE.
The MACD is primarily used to gauge an asset’s overall trend. The crossover of the signal line and the MACD line gives trading signals.
The rally also resulted in net outflows from exchanges, according to IntoTheBlock, indicating traders’ preference to HODL the memecoin for future gains.
At the time of writing, DOGE was exchanging hands at $0.1185, up 8.88% in the last 24 hours, according to data from Benzinga Pro.
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The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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