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Cryptocurrency News Articles
Dogecoin (DOGE) Worth Surge Hints At A Historic Rally, Whale Accumulation Hints At Rising Confidence
Oct 08, 2024 at 07:28 am
The broader cryptocurrency market is witnessing a robust resurgence on Monday, following a bearish begin to the month of October final week. As of at the moment, the meme coin sector is performing very properly with Dogecoin (DOGE) stealing the present.
Cryptocurrency markets noticed a broader resurgence on Monday, following a bearish begin to October final week. On the time of writing, the meme coin sector was performing notably properly, with Dogecoin (DOGE) main the cost.
Earlier at the moment, DOGE surged by nearly 7%, buying and selling at $0.115, because the meme coin’s market capitalization hovered above $16.3 billion. Moreover, the every day buying and selling quantity for DOGE noticed a 100% enhance, reaching over $700 million.
Crypto analyst Ali Martinez famous that DOGE might be following a historic sample, highlighting a well-known pattern the place the cryptocurrency breaks out from a multi-year descending triangle after which experiences a 200% surge. Following this, DOGE undergoes a 60% retracement earlier than coming into a bull run. After just lately dealing with a 65% pullback, Martinez suggests that DOGE could possibly be gearing up for its subsequent main rally.
In the meantime, there was a robust whale accumulation for Dogecoin. In response to CNF, over the final two weeks, the whales have added greater than 2 billion DOGE to their holdings, indicating rising confidence amongst giant holders within the meme coin. Thus, even within the occasion of a sell-off forward, the DOGE worth is unlikely to fall beneath its key assist ranges.
Dogecoin (DOGE) Technical Chart Indicated Power
The technical chart and latest actions counsel that the DOGE worth reveals power when it trades above the 200 Exponential Shifting Common (EMA) and the Quantity Weighted Common Worth (VWAP).
The final time Dogecoin maintained this place was in March this yr, which led to a 172% surge within the cryptocurrency’s worth.
Presently, DOGE is above the VWAP and barely beneath the 200 EMA, which stands at $0.11725, whereas the present worth trades at round $0.1150. Analysts counsel that if DOGE manages to shut above the 200 EMA, it might set off vital worth actions within the quick time period, as reported by CNF.
Dogecoin (DOGE) got here to be often known as the unique meme coin, garnering vital public consideration largely because of endorsements from outstanding personalities, akin to Elon Musk. Traditionally, a single tweet from Musk might propel DOGE to new highs.
Nonetheless, latest tendencies have proven that his tweets appear to have misplaced their impact, with Dogecoin struggling to interrupt by vital resistance ranges regardless of Musk’s continued efforts to advertise the meme coin.
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- Oct 08, 2024 at 08:35 pm
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