The post DOGE Gains 26% This Week; Will it Revisit the $0.27 Barrier? appeared on BitcoinEthereumNews.com.

Dogecoin (DOGE) has exploded with a 26% gain this week, capturing widespread attention as it climbs to approximately $0.2025. This rally comes as DOGE’s trading volume remains robust at $3.99 billion, with a market cap of $29.71 billion, up by 3.72% in the last 24 hours. As the cryptocurrency edges closer to the $0.2290 resistance level, optimism is building among traders who speculate it could revisit the formidable $0.27 barrier last tested in late 2021. Yet, the question remains: could DOGE sustain its momentum and challenge this barrier, or will profit-taking dampen its upward trajectory? Dogecoin’s Daily Chart Forms Bullish Golden Cross Analyzing daily chart patterns, a Golden Cross—a bullish technical indicator where the 50-day moving average crosses above the 200-day moving average—has emerged, reinforcing a long-term uptrend. This formation often signals the beginning of a sustained price rise, aligning with the heightened buying interest in DOGE. Furthermore, the token’s price has decisively surpassed the 0.786 Fibonacci retracement level at $0.1832, a critical level that often separates minor retracements from a complete bullish reversal. This implies intense buying pressure and suggests that the DOGE cryptocurrency could be poised for an even further upward breakout in the days ahead. The next targets on the chart are the $0.2290 and, eventually, the highly anticipated $0.27 level. Adding to this momentum, Dogecoin’s weekly price action shows robust support above $0.14, with the 200-day SMA now around $0.1281, providing a solid safety net against possible dips. The recent rally has also placed the DOGE token well above the 0.5 Fibonacci level at $0.1358, further solidifying a bullish outlook. DOGE On-Chain Metrics Reveal Bullish Support Adding another layer to Dogecoin’s bullish narrative, the Global In/Out of the Money chart reveals approximately 88.64% of all DOGE addresses are “In the Money” at $0.2019. This means these…

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Filed under: News - @ November 9, 2024 3:11 am