Dogecoin's Value Surges by 12%, Financial Experts Predict Potential Reach of $0.30
🔥 Dogecoin (DOGE) Soaring High 🔥
Hop on the crypto rollercoaster as Dogecoin (DOGE) rockets 12% today, fueled by the overall crypto market's swagger! Currently trading at $0.1905, the Shiba Inu token has reveled in a whopping 124% surge over the last day, bumping its market cap up to $1.56 billion, according to CoinMarketCap.
Yesterday's fireworks started post-U.S. Federal Reserve's announcement of unchanged interest rates, igniting a 5% jump in DOGE's market cap, now standing at around $28.4 billion. In the daily TradingView chart, DOGE has broken free from a prolonged falling wedge pattern it's been entangled in since February. This breakout at 1:26 EST today is a high-energy move that traders are keenly watching!
The falling wedge pattern usually excites traders due to its anticipated bullish breakout. Though the pattern couldn't be more downward between $0.48 and $0.13 earlier, the current surge aims to test the resistance level of $0.27 – still 14% above the current price. This level also sports a supply zone lurking right beneath it. This zone could potentially exert downward pressure – something to keep a sharp eye on!
Meanwhile, the Moving Average Convergence Divergence (MACD) indicator has emphatically flipped positive on the 4-hour chart. The MACD line has scooted past the signal line, while the growing histogram bars back up this uptrend.
The Relative Strength Index (RSI) sits snugly at around 62. This means the bulls have seized control, kick-starting the rally. However, beware — we're about to linger on the verge of the overbought zone, which might trigger short-term pullbacks.
The Bollinger Bands highlight DOGE having sailed above the upper band, sometimes signifying prices escalating too quickly. Nevertheless, if the price stays above this level, increasing volume will highlight strong bullish energy.
On top of the current market heat, attention remains squarely on DOGE due to new exchange-traded product (ETP) filings by firms like 21Shares and Osprey Funds. Watch this space, as 21Shares' application with Nasdaq to list a DOGE ETF, under the name 21Share Dogecoin ETF, is currently under review.
Crypto analyst, Ali Martinez, in today's post on X, pointed out a long-term trendline suggesting a surge to $0.30 is possible – but a precondition for this is for DOGE to dip to around $0.14 first.
Want more crypto action? Dive into Ethereum Price Crosses $2000 as TVL Surges 41%, Is $3K Next? for more electrifying insights! ⚡️
- The recent surge in Dogecoin (DOGE), which has seen a 124% increase over the last day and currently trades at $0.1905, is attracting attention in the finance and technology sectors.
- Crypto analysts are watching DOGE closely as it has broken free from a falling wedge pattern, a bullish sign that could potentially push the price upwards to test the resistance level of $0.27.
- The Moving Average Convergence Divergence (MACD) indicator has flipped positive on the 4-hour chart, reinforcing the uptrend, while the Relative Strength Index (RSI) indicates a strong rally with the bulls in control.
- The Bollinger Bands suggest that prices have escalated quickly, but if the price stays above the upper band, increasing volume will highlight strong bullish energy.
- New exchange-traded product (ETP) filings by firms like 21Shares and Osprey Funds, along with a potential Ethereum (ETH) surge crossing $2000, are adding to the market heat, making the crypto market a thrilling place for investors looking for action in 2025.
