The post Dogecoin Breakout? How Trump’s Inauguration to Influence DOGE appeared on BitcoinEthereumNews.com.

Dogecoin (DOGE) is expected to breach a crucial resistance range to set a new all-time-high price as the US presidential inauguration nears.  An analyst has predicted that DOGE could hit $20 this cycle by imitating the 2017 and 2021 bull cycles. Dogecoin (DOGE) is showing signs of breakout as it steadily takes a rebound from the $0.26 monthly support to hit a 24-hour high of $0.36. At press time, the asset had printed a 4.7% surge on its 24-hour price chart to extend its 90-day gains to 198%. Also, it had cemented its dominance as the largest meme coin with a market cap of $53 billion; meanwhile, its 24-hour trading volume had taken a nosedive to $53 billion after falling by 15.5%. However, analysts expect the asset to make a significant bounce back amid the much-anticipated inauguration of Donald Trump as the US president. [mcrypto id=”630826″] Pending this “big day,” Open Interest (OI) in DOGE futures has recorded a massive jump to $570 million in just three days. According to data, this has taken the total to more than $3.81 billion. Comparatively, the OI’s three-day surge represents a 15% increase against the 10% surge in the spot markets. Per our analyst’s interpretation, this signifies an increasing upside expectation by traders as whales aggressively accumulate the asset, per a CNF report. Confirming this bullish signal with the Volume-Weighted Average Price (VWAP), we found that DOGE currently trades above this crucial technical indicator at $0.3516. Most importantly, there is a steady inflow as indicated by the Accumulation/Distribution Line, which currently reads 1,573. DOGE Price Analysis Subjecting DOGE to a critical technical analysis, CNF observed that there has been a massive positive momentum above the 100-hourly simple moving average. Technically, this implies that the previous resistance level of $0.350 has now been turned…

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Filed under: News - @ January 16, 2025 1:22 am