- Crucial times are ahead for Dogecoin (DOGE).
- Altcoins are trading sideways as all eyes remain fixed on ETFs.
The technical charts reveal that Dogecoin (DOGE) has successfully broken out off an ascending parallel channel. This took place on the 6th of November 2023. However, more recently, Dogecoin has been working up a short-term bullish pattern.
Following the price breakout, Doge will surge to a new high of $0.108 in the following month. The asset lost momentum not long after but has since recovered. This has gone on to validate a Fib retracement support level.
Doge bulls will need to sustain momentum at their current price point, as any decline could propel the asset to drop closer to the support area.
At report time, Doge is trading for $0.07935. The last week has not been the most flexible for DOGE investors and traders. Within 7 days, Doge lost 13.33% in gains.
This would go on to pull prices down from their previous high of $0.09209. It is however worth noting that Doge has surged by +92664.14% from its all-time low of $0.00008547, although it needs to clear off more than 89% of existing losses to return to its 2021 all-time high of $0.7376.
Altcoins trade sideways as ETF anticipation increases
The new development comes at a time when the Dogecoin community is attempting to process a handful of chaos. Notably, a rumor sustained by some X users claimed that Kabuso, the Kabuso dog, the token dog for Doge has passed away.
The news did not sit well with Doge supporters who later found that the rumors were false. However, as a result of this, Doge saw an uptick in its price, with gains going up briefly to 9%. The market was not very pleased with this, as leveraged trading positions were wiped out not long after. Per data from Coinglass, $674,000 worth of leveraged derivatives trades were wiped off within a one-hour timeframe.
Reacting to this, a market player took to X to share his displeasure. He is quoted saying; “The charts people are painting while speculating over the death of an animal make me think we’re either all going to hell or we’re already there.”
Meanwhile, other altcoins at this time are collectively fluctuating between losses and gains. Although Ethereum (ETH) is the exception at this time, the second most valuable altcoin is trading for $2,416. Up by more than 4% in the last 24 hours, Ether has outperformed its counterparts significantly.
On the other hand, the other altcoins making up the top 10 list are currently trading in the red zone. With a collective 24-hour loss of more than 11%, altcoins are struggling to stay afloat at this time. However, assets like Optimism (op) and Lido DAO (LDO) are the expeditions, with hourly gains going up by 10% and 17% respectively.
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