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Cryptocurrency News Articles
Dogecoin ($DOGE) Surges Past Crucial Resistance Level, Signaling Potential Bullish Breakout
Sep 27, 2024 at 06:01 pm
Dogecoin ($DOGE) has surged past the crucial $0.111 resistance level, where over 36 billion DOGE are held by 62,270 addresses.
Dogecoin (CRYPTO: DOGE) has surged past a crucial resistance level, where over 36 billion DOGE, valued at around $3.6 billion, are held by 62,270 addresses.
If Dogecoin manages to maintain this level, it could be confirming a bullish breakout, opening the door for further gains. With no significant supply barriers in sight, the path toward $0.150 appears clear.
“Dogecoin has 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!”
In the past 48 hours alone, Dogecoin whales have bought more than 1.40 billion DOGE, valued at approximately $140 million. This massive accumulation by large investors highlights a strong interest in the token.
“#Dogecoin whales bought over 1.40 billion $DOGE in the past 48 hours, worth around $140 million!”
Adding to the optimism, Dogecoin recently broke out of both its Relative Strength Index (RSI) and price downtrends, which had lasted for months. The breakout also triggered a buy signal from the SuperTrend indicator, further suggesting upward momentum for the meme coin.
“#Dogecoin looks strong! #DOGE got an RSI and price breakout from multi-month downtrends, and $DOGE also got a buy signal from the SuperTrend indicator.”
Dogecoin Vs Bitcoin, Historically Data And Surge
Interestingly, historical data offers a compelling narrative. In the previous market cycle, the DOGE-BTC pair experienced around 56 days of stagnation and volatility before skyrocketing. In that instance, Dogecoin’s price increased 84-fold against Bitcoin. Investors who had put one BTC into DOGE at the cycle’s low would have seen it grow to 84 Bitcoin at its peak.
“In the last cycle, DOGE-BTC went through approximately 56 days of stagnation (red rectangle) and volatility before it exploded. From there, it increased 84 times in relation to #Bitcoin Anyone who invested one #Bitcoin in #Dogecoin at the bottom… ”
Now, Dogecoin is once again in a similar 56-day period of stagnation, which could be setting the stage for another explosive rally, especially with the Bitcoin halving on the horizon.
“This time around, we can see that once more, Dogecoin is in a 56-day period of stagnation (highlighted in red), which is quite interesting, to say the least, especially considering what happened in the last cycle.”
With whale accumulation increasing and technical indicators aligning, Dogecoin looks primed for a potential run, much like its historic rise in past market cycles. All eyes are on DOGE as it continues to show strength, potentially leading to significant gains for investors.
Disclaimer:info@kdj.com
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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