What’s Next For Dogecoin Price After 80% Weekly Surge
The post What’s Next For Dogecoin Price After 80% Weekly Surge appeared on BitcoinEthereumNews.com.
Bitcoin, the leading cryptocurrency, soared to a new all-time high of $80,100 on November 10, triggering a broader market breakout. While most major altcoins followed the same momentum, the meme cryptocurrency experienced a high-momentum rally driven by its inherent volatility and appeal among speculative traders. With an 80% weekly surge, the Dogecoin price rallied to a 3-year high of $0.297. By press time, DOGE price had traded at $0.26 with an intraday gain of 3.2%. According to Coingecko, the asset market cap holds at $38.4 Billion with a 24-hour trading volume of $12.7 Billion. Can Dogecoin Price Break $0.15 by the End of October? Since early September, the dog-themed memecoin Dogecoin witnessed a steady recovery, initiated at the bottom support of $0.091. The formation of fresh higher highs and lows backed by increasing training volume accentuates the buyers’ conviction to drive a sustained uptrend. However, the cryptocurrency market experienced an accelerated recovery this week following Donald Trump’s victory as the 47th President of the United States. Thus, the Dogecoin price records a sharp $0.148 to $0.268, registering a growth of 80%. An analysis of the weekly chart shows the massive green candle gives a breakout from the $0.228 neckline of a cup and handle pattern. This pattern begins with the “cup,” created by a rounded bottom following a decline, signifying a gradual recovery phase as selling pressure subsides and buyers return. The subsequent “handle” forms a brief consolidation or pullback near the resistance level, recuperating the exhausted bullish breakout. If the breakout is sustained, the Dogecoin price prediction could target $0.4, accounting for a 53% potential surge. DOGE/USDT -1d Chart Whale Accumulation Signals Potential Trend Reversal for DOGE According to Santiment data, whale wallets holding between 100 billion and 1 billion coins have significantly increased their accumulation, rising from 2.68…
Filed under: News - @ November 10, 2024 10:27 pm