Is It Too Late To Buy Dogecoin As Key Indicators Signal Local Top?
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DISCLAIMER: This article is a SPONSORED Press Release and does not constitute Finbold’s editorial content. Crypto assets/products involve significant risks. Do not invest unless you are prepared to lose your entire investment. For a full disclaimer, please . The Dogecoin price has shown impressive bullish strength over the past month, surging by more than 35%. However, key indicators suggest that a local top could be near, which could see the meme coin market leader test crucial support levels over the weekend. There are also growing concerns about whether DOGE will even hit a new all-time high this bull cycle, considering it is facing stiff competition from new low-cap meme coins. Projects like SPX6900, GOAT and Crypto All-Stars remain in high demand, with some even calling STARS the next 100x crypto. Dogecoin Price Rallies, But Is A Local Top Already In? After breaking out of its multi-month downward trendline, the Dogecoin price secured another breakout on Friday, resulting in a 15% green candle before facing the key $0.14 resistance. Prominent crypto investors are bullish on DOGE. For instance, Bluntz, one of the top traders on Bybit, anticipates the meme coin reaching $0.17 in the coming days, using Elliot Wave Theory for his projection. However, the likelihood of another rejection cannot be underestimated. For instance, the Dogecoin RSI now stands at 75 – both in the daily and 4-hour timeframe – which is typically considered ‘overbought’. While the RSI could stay over could stay overbought for an extended period in a bull market, the Dogecoin price typically shows a strong correction every time this indicator flashes red. Similarly, the market intelligence platform Santiment reveals that Dogecoin is now seeing the highest social media discussion rate since May as investors are doubling down on meme coins after Bitcoin’s recent show of strength. With…
Filed under: News - @ October 19, 2024 12:28 pm