DOGE Price Breakout Signals Uptrend Despite Losing Ranks in Top 10 Coins
The post DOGE Price Breakout Signals Uptrend Despite Losing Ranks in Top 10 Coins appeared first on Coinpedia Fintech News
Dropping off the top 10 list of cryptocurrencies per market cap, the Dogecoin price chart signals a different setting in play. Further, with the court ruling for Elon Musk to testify once again, the volatility in DOGE price is rising, not in a good bull run fashion.
As of now, the meme coin is heading for a recovery or trend reversal pathway by concluding the pullback phase. But will this recovery put Dogecoin back in the Top 10 list, or will it lift the DOGE price beyond $0.10? Read our DOGE price prediction NOW to find out.
Dogecoin Gives Breakout, Ignores The Market Noise
Source: Tradingview
With the bullish reversal from the 200-day EMA finally gaining momentum, the DOGE price breaks above the long-coming resistance trendline. Further, the uptrend reclaims the 50-day EMA and attempts to ignore the news market.
Currently, the sideways movement following the breakout event retests the broken trendline but sustains closing prices above the dynamic average line. Leading to lower price rejection candles, the meme coin is reflecting demand at the retest levels.
Following the days of heightened network growth, Dogecoin is facing troubles in the news market. With Elon Mush testifying again, the meme coin has lost its place in the Top 10 coins amidst the ongoing bull run in the market.
Swimming against the market mood, not in a good way, the meme coin is under stress. Currently, the DOGE price trades at $0.0818 with an intraday fall of 0.85%
Will DOGE Price Reach $0.10?
With the breakout rally struggling to gain, the sideline investors are hesitating a bit to enter the meme coin. However, the DOGE price is showcasing a healthy recovery this week and projects an uptrend shortly.
Hence, sideline traders can find an entry opportunity at the $0.085 breakout, aligning with the 38.20% Fibonacci level. On the flip side, the breakout of the 200-day EMA might become a possibility if the meme coin loses ground on $0.0799.
Filed under: Bitcoin - @ February 13, 2024 6:13 am