- Analyst predicts that Dogecoin could surge above its resistance level as technical indicators show upward momentum.
- It is also advised that investors wait till the asset sustains above its resistance level before opening a trading position.
Dogecoin (Doge) is currently the 8th largest crypto asset with a price of $0.06235. The asset is currently down by 1.9 percent in the seven days. However, it has made a marginal surge of 1 percent in the last 24 hours. According to analysts, there is a huge possibility that bulls would take charge of the market. For this to reflect in the price, the current accumulation rate would have to be maintained. With a resistance level at $0.063, investors have been advised to wait until the price trades above the level to guarantee that the upward trajectory will continue.
It is important to note that Dogecoin’s trading volume had increased by 14.54 percent during the intraday trading session. Based on this, it is safe to conclude that buyers are attempting to accumulate to push the price upward. According to data, Dogecoin has a volume-to-market cap ratio of 3 percent. Analysts have also observed that the asset is entering a recovery phase based on its daily time frame chart.
It is also important to note that the asset is trading at “20-EMA to reach the 50, 100, and 200-day daily moving averages.” For now, it is attempting to sustain at the primary resistance level of $0.06218. However, the asset may lose a portion of its accumulated value by the close of the day as sellers push their way through. If buyers can resist the pressure from sellers, Dogecoin may move beyond $0.0635. With technical analysis, both the relative strength index and moving average convergence divergence confirm that Dogecoin is building an upward momentum.
More on Dogecoin Price Analysis
Its RSI is currently 48, and is just a matter of time for it to break out of its neutrality. MACD is also moving towards a positive crossover as it is crossing the signal line upward.
Recently, an analyst identified as Crypto Tony predicted that the asset could reach $0.17 by April 2024. This was a 170 percent surge from the time the prediction was made. He further mentioned that the crypto market moves in cycles.
Financial markets work in cycles and Crypto is no exception. Learn to observe what cycle we are in and when the transition into coming into the next phase.
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According to him, there are four important phases in the crypto market namely; “Accumulation, Markup/Bull Market, Distribution, and Markdown/Bear Market”.
He also predicted that Bitcoin could make an upward surge in the coming weeks. However, the exact time for the rally remains uncertain.
Whether it is from here, or if we dip to $25,000 and then pump is yet to be seen.
Bitcoin currently has a bullish market sentiment and is trading at $26,565.03. In the last seven days, the asset has surged by 2.7 percent. It has also made a 0.42 percent surge in the last 24 hours. Regardless, Bitcoin is 61 percent down from its all-time high.
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