Dogecoin (DOGE), a major meme cryptocurrency, has recently seen a notable increase in value, sparking interest across trading platforms. Over the past week, DOGE’s price trajectory has steadily increased, defying market corrections and placing it among today’s top gainers. Analysts suggest DOGE could be eyeing further price gain, eyeing $0.162, with traders showing increased interest as momentum builds.
Analyst eyes $0.162 for Dogecoin price
The crypto analyst recently shared an X article flagging a potential buying opportunity for Dogecoin on the 4-hour chart. He noted a buy signal using the TD Sequential indicator, indicating a possible trend reversal.
Analysts have suggested that if DOGE manages to hold above the crucial $0.141 support level, it could trigger a rebound, potentially pushing the price as high as $0.162.
The TD Sequential indicator flashed a buy signal on the #Dogecoin 4 hour chart! If $DOGE holds above the $0.141 support, we could see a rebound to $0.162. pic.twitter.com/sYD7O2QcHa
– Ali (@ali_charts) November 3, 2024
DOGE price rises 8%; What’s next for Meme Coin?
During the last day, the DOGE Price showed significant bullish momentum, increasing by 8.28% to $0.1565. The cryptocurrency started the day with a low of $0.1443 and climbed to a high of $0.1599, reflecting a substantial price increase over the 24 hours. Over the past month, the coin surged more than 44%, indicating an uptrend.
A resurgence of bullish momentum could push the Dogecoin Price Prediction above the key threshold of $0.16, attracting more investor interest. If the coin breaks this resistance level, it could gain strength to approach the $0.17 mark. With sustained buying pressure, Dogecoin could see an extended rally beyond $0.2, marking a potential uptrend.
The Moving Average Convergence Divergence (MACD) indicator shows a slight uptrend. The MACD line remains slightly above the signal line. The Chaikin Money Flow (CMF), fixed over 20 periods, shows a reading of 0.26. This positive value suggests an inflow of capital into DOGE, indicating that buyers are still active and supporting current prices.
According to Coinglass, the Dogecoin derivatives market has seen a significant increase in volumes, signaling increased trading interest in the asset. Open interest in Dogecoin derivatives has also seen an increase. This trend indicates increasing engagement in Dogecoin derivatives, highlighting a notable increase in speculative or hedging activity around the cryptocurrency.
Dogecoin is showing strong upward momentum, supported by key indicators and high trading interest. A break above $0.16 could propel DOGE to $0.17, with the potential for further gains. Positive market sentiment suggests a possible rally beyond $0.2 soon.
Frequently Asked Questions (FAQ)
Analysts suggest a potential target of $0.162 if DOGE holds above the $0.141 support level, with further potential beyond $0.17.
Derivatives volume and open interest in Dogecoin have increased, indicating increased speculative interest.
A break above $0.16 could open the way to $0.17, with potential momentum towards $0.2 as part of a strong rally.
Quince stick
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Disclaimer: Content presented may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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