Dogecoin price aims for greatness after developers release new update in two years


  • Dogecoin price is on the verge of a significant 25% breakout.
  • The digital asset receives its first update since 2019 due to increase in demand.
  • DOGE was listed on Phemex with up to 20x leverage.

Dogecoin is back on the spotlight after developers release a new update for the first time since 2019. The new upgrade makes Dogecoin faster and reduces CPU usage for users running Dogecoin nodes. Additionally, the digital asset was just listed on Phemex against AAVE and USD and with a leverage of up to 20x. 

Dogecoin price close to a bullish breakout

On the 4-hour chart, Dogecoin price is bounded inside a symmetrical triangle pattern which seems to be on the verge of a breakout. The key resistance level is located at $0.054, climbing above this point should quickly push Dogecoin price up to $0.07.

doge price

DOGE/USD 4-hour chart

The In/Out of the Money Around Price (IOMAP) chart also shows the same thing as it indicates that the strongest resistance area is located between $0.052 and $0.054, adding credence to the bullish outlook above.

doge price

DOGE IOMAP chart

However, the IOMAP model also shows that DOGE has far weaker support on the way down below $0.05. A breakdown below the key support level of $0.0455 will quickly drive Dogecoin price by about 27%.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Cardano plan for new all-time high is clear

Cardano has established a new all-time high of $1.55 on April 14 and bulls aim for more now. The digital asset had a significant breakout from a key pattern but still faces a significant resistance barrier ahead, according to on-chain metrics.

More Cardano News

Enjin Coin on track for 20% gains

Enjin Coin price is trading around the middle line of an ascending parallel channel. A bounce from the demand zone ranging from $2.92 to $2.46 signals a continuation of the upswing to $3.59. If ENJ slices through the supply barrier at $3.59, an additional 10% upswing will push it to $3.98.

More Enjin Coin News

VeChain shows mixed signals amid market weakness

VeChain just recently formed a new all-time high of $0.189 on April 15 after a massive rally in April. The digital asset had a brief consolidation period in the last 24 hours but could be aiming for the next leg up soon. 

More VeChain News

Binance on verge of 25% upswing

Binance Coin price has been outperforming the entire market for the past two months, reaching a market capitalization of $90 billion. Many analysts believe BNB could even overtake Ethereum, which stands at a $280 billion market cap. 

More Binance Coin News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Institutional wave of BTC adoption follows new all-time highs

Bitcoin price hitting a new all-time high and Coinbase’s direct listing are perhaps two of the most important developments surrounding the pioneer cryptocurrency over the past week.

Read the weekly forecast

BTC

ETH

XRP