Dogecoin Clears Year-Old Resistance, Signaling Bullish Comeback

Dogecoin (DOGE) price joined the recent broad-based rallies in the cryptocurrency market. The leading meme token displayed stable bullishness. Further, the upsides saw it overcoming a plummeting weekly trend line.The boundary has restricted its gains over the past twelve months. Thus, DOGE’s latest price actions paint a bullish picture for holders. DOGE preparing to skyrocketDogecoin bulls seem exhausted after the alt overcame a multi-month hurdle. The resistance connects swing peaks printed since October 2022. DOGE breached this resistance following last week’s 10% uptick. It gained more than 40% over the past 30 days. DOGE Monthly Chart on Coinmarketcap The crypto traded at $0.08454 during this publication. Bulls regained momentum after Dogecoin rebounded from the support barrier at $0.0707. Continued surges can take DOGE towards the next crucial hurdle at $0.0170, translating to a 110% uptick. Technical indicators supporting bullishnessTechnical signals seem to back the upside narrative for Dogecoin prices. The Relative Strength Index (RSI) indicates increased bullishness as it surpasses the neutral-50 level.The Awesome Oscillator displays shrinking histograms beneath the zero level. A push beyond this line might welcome significant upswings for DOGE prices.Nonetheless, sudden bearishness that produces a weekly candle closing beneath $0.0707 will ruin the forecasted upside in the near term. DOGE will likely consolidate at the $0.0707 – $0.0574 region. A 7-day candlestick closing beneath this barrier will print a lower low to cancel the bullish narrative. That could yield a 14% dip toward the support zone at $0.0495. Current crypto market situationDigital coins traded negatively today as investors maintained a cautious stance. Bitcoin hovered sideways at press time, changing hands at $36,430. The crypto exchange-traded funds optimism seems to have faded after the U.S. SEC postponed its decision on Global X and Franklin Templeton BTC ETFs approval.Furthermore, BitGo CEO Mike Belshe seems confident that the securities regulator will reject more spot Bitcoin ETFs applications.The cryptocurrency market retained a bullish stance in the past sessions as investors awaited spot Bitcoin authorization, which could see massive cash joining the digital token marketplace.The latest deferment by the United States Securities & Exchange Commission might mean delays on all spot BTC ETFs awaiting approval. Such developments could postpone predicted surges in cryptocurrencies, including Dogecoin.More By This Author:As The Crypto Rally Eases, Shiba Memu Token Sale Momentum Continues BitGo CEO Says SEC Could Reject Bitcoin ETF Applications Because Of CoinbaseUnionised Workers At Ford Have Ratified Its Deal With The UAW


  • Total Score 0%
User rating: 0.00% ( 0
votes )

Leave a Reply

Your email address will not be published. Required fields are marked *