According to the highlights of the last few weeks, DOGE has finally managed to slice above the well-balanced triangle on the charts. In recent times, DOGE has been hungry for a recovery that would catapult it to new milestones past the $0.1 mark.
Although DOGE is currently staggering at the $0.057 price range and struggling to complete the 37 percent price surge, the crypto coin’s investors appear focused on taking it to new milestones.
After DOGE’s recent breakout from its triangle pattern, the number 10 virtual asset managed to surge and settle above the 50 SMA on the 6-hour chart. Despite the bulls’ efforts to push Dogecoin towards the $0.070 breakout target, momentum seems to be slowing down at the $0.06 region.
At present, DOGE is exchanging at $0.057. Despite the dip, Dogecoin managed to record a minor correction thanks to the seller congestion at the $0.063 mark. At present, DOGE is positioned to seek refuge in the $0.06 region. For DOGE to continue with its $0.07 campaign, it needs to find support at the $0.06 critical level.
Additionally, the Moving Average Convergence Divergence has also confirmed the bullish momentum by crossing above the midline. Notably, the MACD blue line sliced above the signal line, signaling a bullish momentum being in the offing.
In the event Dogecoin moves past the $0.07 mark, its reputation would be massively boosted, allowing heavy investors to focus on new milestones above the $0.1 mark.
Over the past few days, Dogecoin has seen a tremendous improvement in network growth. For example, on 23rd February, the IntoTheBlocks model recorded daily active addresses of about 33,400. Since then, the number has consistently risen, seeing it hit more than 67,500 at the time of writing. This depicts a 50 percent improvement.
Usually, in the cryptocurrency sphere, an improvement in network growth spells an upcoming bullish trend. DOGE is likely to experience a continuation of the current uptrend as newly-created addresses continue to rise.
DOGE has been on a rollercoaster in the last 24 hours. From surging from a low of about $0.05 to hitting a new monthly milestone of $0.06, the meme token appears to be more and more promising. The last few days have seen addresses participating in panic buying following Elon Musk and Mark Cuban’s free PR.
At present, DOGE needs to find support above the $0.6 mark for investors to continue with their efforts to push the crypto coin past the $0.07 mark. Remember that failing to move past the $0.07 level will trigger the increase of overhead pressure. If this happens, the DOGE will have to seek refuge at the next support level, the 50 simple moving average (SMA) level on the 12-hour chart. Further price decline past this level will open a pandora box that will see the number 10 cryptocurrency plummet towards the $0.04 region.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
This post was last modified on March 9, 2021 9:12 pm
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