Breaking News: Dogecoin Set to Hit $0.17 in Bullish Move
Dogecoin (DOGE) is gaining attention as the leading meme coin in the crypto world! Despite having a massive meme sector market cap of 21 billion, Dogecoin is showing strong potential. While the coin has seen a 100% increase in the yearly period, other meme coins like Shiba Inu (SHIB), Floki, Bonk, and Pepe have seen even more remarkable gains, with increases ranging from 168% to an impressive 5317% increase!
Recent heightened activity and heightened investor interest suggest that Dogecoin has a robust community and strong operational price activity, and is not just a passing trend. The overall Dogecoin market is trending upwards, and there are indication that the price is likely to surge as it tests minor pullback support levels.
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In the 4-hour DOGE/USDT chart, the price encountered resistance at $0.157, and without strong support, it dropped to the current level of $0.15. However, buyers in the zone are maintaining the $0.15 level, and with continued buying pressure, the price is poised to rise to the 50-day SMA ($0.17) and beyond.
A rally beyond this level will prompt further accumulation and push the price into a bullish zone with nearby resistance at $0.21 and $0.23.
On the flip side, a break and close below $0.147 will lead Dogecoin to retreat to the next support at $0.135. Further declines below this mark could signal a bearish trend, with the lowest support zone at $0.09.
Exploring the Complexity of Technical Indicators
The oscillators are indicating “Seel” mode, but the price suggest a movement to rise above the 50-day SMA, remaining above the long-term and EMA. While short-term and medium-term moving crossovers continue to be bearish, the long-term outlook is bullish.
Read Also: “Dogecoin to the Moon”: Experts Predict Record-Breaking Price Surge
For Trend traders, there is an exciting opportunity to enter the market between $0.14 and $0.15 and potentially exit after a breakout above $0.17, with a stop loss at $0.13. It’s an exciting time to be involved in the Dogecoin market!
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Tolu Zach is a multifaceted professional with expertise in both crypto content creation and medical laboratory technology. With a unique blend of analytical skills and industry knowledge, Tolu navigates the complexities of cryptocurrency while maintaining a pivotal role in healthcare. Trusted for insightful analysis and accurate diagnostics, Tolu excels in diverse fields.
