The post ​​Dogecoin’s bullish breakout: Is $0.66 DOGE’s next stop? appeared on BitcoinEthereumNews.com.

DOGE’s trading volume increased along with the price.  Selling pressure on DOGE increased in the last few days.  Dogecoin [DOGE] has once again turned volatile in the last 24 hours with its promising price pump. Thanks to the latest uptick, the world’s largest memecoin managed a breakout from a bullish pattern. Will this clear DOGE’s path to $0.66? Dogecoin turns bullish again Dogecoin bulls once again gained control of the market, as the world’s largest memecoin’s price surged by nearly 8% in the last 24 hours. With the latest pump, DOGE was valued at $0.46 at press time, with a market capitalization of over $68.4 billion. The price hike allowed the coin to break above a bullish symmetrical triangle pattern. The pattern first emerged in early November and since then DOGE consolidated inside it, only to breakout on the 7th of December. Source: TradingView Meanwhile, the technical indicator MACD displayed a bullish upper hand in the market. DOGE’s Money Flow Index (MFI) also registered an uptick. A rise in the metric indicates that there is strong buying pressure in the market. This increasing buying pressure can push Dogecoin towards its next target—$0.66. However, such breakouts are often followed by slight corrections, which are usually a retest of the support before the start of a bull rally. Therefore, in case DOGE witnessed a pullback, investors shouldn’t panic.  What metrics suggest  The good news was that while DOGE’s price increased in the past 24 hours, the memecoin’s trading volume also surged by over 78%, acting as a foundation for the bull rally. The big-pocketed players in the market also were trading the coin actively. This was evident from the rise in Dogecoin’s whale transaction count over the past seven days.  Source: Santiment Additionally, the memecoin’s Long/Short Ratio registered an uptick in the…

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Filed under: News - @ December 8, 2024 10:02 am