As Dogecoin Records 29% Gain, Is a New 52-Week High on the Horizon?
The post As Dogecoin Records 29% Gain, Is a New 52-Week High on the Horizon? appeared on BitcoinEthereumNews.com.
Dogecoin has crossed the $0.20 mark and is eyeing a new 52-week high, recording a massive 29.41% surge in the last 24 hours. With a 29% surge in the past 24 hours, Dogecoin has crossed above the $0.20 psychological mark. The massive surge comes as Bitcoin crosses the $75k mark and Donald Trump leads the U.S. presidential race. As bullish sentiments in the crypto market continue to grow, will Dogecoin create a new 52-week high, crossing above $0.2289 this week? Let’s find out. Dogecoin Crosses $0.20 In the daily chart, the falling-wedge breakout rally in Dogecoin is continuously gaining momentum. The rising momentum has led to a higher high and higher low formation. Dogecoin has formed three consecutive bullish candles in the past three days, accounting for a 45.83% jump from its 7-day low of $0.1420. Dogecoin Price Chart Currently, DOGE is trading at $0.2072 as it sustains dominance above a critical psychological mark. As the bullish influence grows, the 50-day and 200-day simple moving averages give a bullish crossover. Moreover, the MACD and signal lines are avoiding a negative crossover while bullish histograms continue to surge. With increasing buying pressure, the DOGE price reached a 24-hour high of $0.2193. Therefore, the chances of Dogecoin hitting a new 52-week high have increased significantly in recent events. Dogecoin’s Second Flag Breakout Taking a closer look at the 4-hour chart, Dogecoin shows another bullish flag pattern breakout, which fueled the ongoing rally. The flag pattern breakout has resulted in a massive upswing and crossed the 161.80% Fibonacci level at $0.2031. Dogecoin Price Chart At present, the 4-hour candle shows a lower price rejection as it retests the broken 161.80% level. The long-tailed candle suggests a higher probability of a post-retest reversal, potentially targeting the 261.80% Fibonacci level at $0.24977. Thus, Dogecoin shows…
Filed under: News - @ November 6, 2024 2:28 pm