The price of Dogecoin (DOGE) has jumped along with the most recent widespread cryptocurrency market rises. The most popular meme token showed consistent bullishness. Additionally, the upsides saw it surpass a weekly trend line that was falling.
The previous 12 months have seen its progress constrained by the border. For holders, DOGE’s most recent price movements so present a positive picture.
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DOGE getting ready to soar
Bulls of Dogecoin appear worn out following the alt’s multi-month victory. The swing peaks printed since October 2022 are connected by the resistance. DOGE broke over this obstacle after a 10% increase last week. It increased by nearly 40% in the last 30 days.
Bullish Signals: Dogecoin (DOGE) Breaks Year-Old Resistance Barrier,Bullish Signals: Dogecoin (DOGE) Breaks Year-Old Resistance Barrier
The cryptocurrency was trading at $0.08454 at the time of writing. After Dogecoin bounced back from the support level at $0.0707, bulls gathered steam. If gains continue, DOGE may reach the next significant barrier at $0.0170, or an increase of 110%.
Technical signs that point to optimism
The upward storyline for Dogecoin pricing appears to be supported by technical indicators. When the Relative Strength Index (RSI) rises over the neutral-50 threshold, it suggests heightened bullishness.
Below the zero level, the Awesome Oscillator shows diminishing histograms. Large price increases for DOGE could be welcomed if this barrier is crossed.
However, abrupt pessimism that results in a weekly candle closing below $0.0707 will destroy the anticipated rise in the near future. DOGE is probably going to centre around $0.0707 and $0.0574. The bullish narrative will be refuted if a 7-day candlestick closes below this level and prints a lower bottom. A 14% decline into the $0.0495 support zone might result from it.
The state of the cryptocurrency market right now
Today’s trading of digital currency was negative due to investors’ cautious attitude. At press time, the price of bitcoin was trading sideways at $36,430. Optimism surrounding cryptocurrency exchange-traded funds appears to have diminished following the U.S. SEC’s decision to defer its approval of Global X and Franklin Templeton BTC ETFs.
Additionally, BitGo CEO Mike Belshe is certain that future applications for spot Bitcoin ETFs will be turned down by the securities regulator.
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In recent sessions, the cryptocurrency market remained optimistic as investors anticipated the approval of spot Bitcoin, which might result in a significant influx of capital into the digital token market.
The US Securities and Exchange Commission’s most recent postponement might cause delays for any spot Bitcoin exchange-traded funds that are pending clearance. Events like these might delay anticipated increases in cryptocurrency prices, such as Dogecoin.
Bullish Signals: Dogecoin (DOGE) Breaks Year-Old Resistance Barrier,Bullish Signals: Dogecoin (DOGE) Breaks Year-Old Resistance Barrier,Bullish Signals: Dogecoin (DOGE) Breaks Year-Old Resistance Barrier , DOGE coin Crypto news, DOGE coin News