Dogecoin Begins Climb: Key Price Targets Set Following Breakout From $0.08
November 16 2023 - 1:00PM
NEWSBTC
The king of the memecoins, Dogecoin (DOGE), has been following the
general sentiment in the crypto market as it breaks out from a
critical level. The token experienced selling pressure on low
timeframes but seems poised for further profits. Related Reading:
Dogecoin Price Chart Described As ‘Beautiful’ By Crypto Analyst As
of this writing, Dogecoin (DOGE) trades at $0.078 with a 1% loss in
the last 24 hours. Over the previous seven days, the memecoin held
6% in profits, operating as a top performer in the top 10 by market
capitalization. Dogecoin On Route For $0.10? Analyst Makes Bullish
Case As mentioned, the Dogecoin rally has found hurdles over
today’s trading session, with the price returning below the
critical level at $0.08. Crypto trader Rekt Capital claims that the
recent price action confirmed a bullish trajectory for the token.
The chart below shows that Dogecoin completed a path from its
yearly lows at $0.052 across October and November. As the bulls
pushed upwards, the cryptocurrency broke its descending channel,
setting a path towards the area above $0.11, last seen in 2022.
DOGE Price Likely To Return To All-Time High A separate report from
another crypto trader looks at Dogecoin over high timeframes. The
token is close to completing a bigger breakout over its Bitcoin
(BTC) trading pair on this horizon. Related Reading: Dogecoin Vs.
Shiba Inu: Which Meme Coin Is More Profitable For Holders? The
analyst cites a series of positive fundamentals for Dogecoin,
including its scalability and “low energy consumption”
transactions. On the chart above and pointing to the moving average
convergence/divergence (MACD) indicator, the analyst stated: In the
$DOGE / $BTC trading pair, bullish patterns and indicators have
been observed in the higher timeframes. Notably, a falling wedge
pattern is evident in the 4-day timeframe, accompanied by a bullish
crossover in the MACD indicator. It remains to be seen if DOGE can
return to its 2022 and 2021 high against its Bitcoin and USDT
trading pairs. The bullish momentum in the crypto market is
holding, albeit with an increase in selling pressure, possibly
triggered by speculators taking profit at current levels. Cover
image from Unsplash, chart from Tradingview
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