Following a double-digit gain to trade at $0.073 on Thursday, Dogecoin (DOGE) is back on the upward. The biggest meme coin did not say anything when Bitcoin (BTC) shot up to $35,000. This caused incredible profits in the market.
A few tokens lead the meme coins surge, rising by 85%, 65%, 71%, and 26% in a week, respectively: Pepe Coin, Floki Inu, Bonk, and Wall Street memes. When the prices of Dogecoin and Shiba Inu began to rise in the middle of this week, the two biggest meme currencies were hesitant to join the optimistic group.
Dogecoin’s Value Is Changing, Looks Like $0.1
According to CoinGecko’s market statistics, Dogecoin’s price is presently leading the way in the cryptocurrency market’s comeback, having increased by 13% on Thursday. The downtrend ended at support around $0.058, but DOGE lacked the strength to break out over a multi-month-old declining trendline right away.
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The bulls encountered resistance from the 200-day Exponential Moving Average (EMA) (purple) until their last assault on Thursday during Asian business hours.
The positive prognosis for Dogecoin appears to be sustainable, as shown by the Moving Average Convergence Divergence (MACD) indicator. For this reason, traders who have not yet long DOGE could think about doing so as long as the MACD maintains the upward trend above the neutral 0.00 region.
It is often assumed that price movement above a long-standing declining trendline indicates that the market is turning in favour of the bulls. In addition, there’s an increasing chance that the 21-day EMA (red) will flip over the 100-day EMA (blue), creating a golden cross pattern.
The Relative Strength Index (RSI) on the four-hour chart is still holding at 80, so traders shouldn’t pass up the opportunity to lock in the gains. Conditions that are so overbought suggest that a correction is likely.
In that scenario, traders should exit their positions and remain open to buying further drops if the RSI retreats to the neutral region below 70.
Long-term Dogecoin investors might want to hold onto their investments until Twitter (now X) decides whether or not to incorporate DOGE to power cryptocurrency payments.
Elon Musk, the CEO of Tesla and the owner of X, has a particular like for Dogecoin, which is stoking rumours that the platform may incorporate Dogecoin as part of its ambition to become the “Everything App”—a move that is expected to boost demand for the joke coin and spark an incredible rally.
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