The post Dogecoin targets $0.20: Perfect time to buy DOGE’s dip? appeared on BitcoinEthereumNews.com.

DOGE has been a major beneficiary of BTC’s latest cycle, thriving despite its high-risk, high-reward status.  Now, as the market takes a U-turn, DOGE could still continue to benefit. Over the past year, memecoins have taken center stage, with Dogecoin [DOGE] leading the pack by posting an impressive 10% weekly gain. According to an AMBCrypto report, bullish sentiment surrounds DOGE, with a short-term target of $0.16. However, a significant resistance level lies around $0.20, a mark DOGE hasn’t tested in over 155 days. Since Dogecoin’s performance is closely tied to Bitcoin [BTC], a hidden pattern identified by AMBCrypto could provide the support needed for DOGE to weather volatility. If conditions align favorably, this pattern may propel DOGE into a parabolic rally. A short-term correction for DOGE may be inevitable The last time DOGE hit $0.14 was during the mid-July rally. After more than 150 days of slumping, Dogecoin has made a strong comeback, brushing off concerns that it was being overshadowed by new memecoins. October has proven to be especially bullish for DOGE. While the initial momentum was fueled by BTC, the latter part of the month saw DOGE posting daily gains exceeding 5%, significantly outpacing BTC. Historically, a recurring pattern has emerged where the end of the cycle often yields substantial gains for specific coins as capital begins to shift away from BTC, especially as it nears high-risk zones. DOGE has certainly been a key beneficiary of this trend, managing to post a higher high by breaking through the previous resistance at $0.14. Source : Coinglass Currently trading at $0.1384, a short-term correction from a peak of $1.40 was inevitable, especially as DOGE registered overbought conditions across various metrics. With 84% of price movement in the last two weeks being upward, a trend reversal was imminent. Now, the next…

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Filed under: News - @ October 24, 2024 11:17 pm