- Dogecoin price hints at an increased buyer activity suggesting the start of an uptrend.
- The $0.053 level could make or break DOGE’s fate.
- Transactional data shows that Dogecoin will face stiff resistance at $0.058 and $0.061.
Dogecoin price shows an 8% surge in the last three hours, indicating an increase in buying activity. This sudden uptick has caused DOGE to slice through the crucial level at $0.053. However, only a decisive close above this level will decide DOGE’s fate.
Dogecoin price hints at an uptick in bullish momentum
Dogecoin price shows an increase in buying activity, which has pushed the altcoin through the no-trade zone’s upper boundary, ranging from $0.046 to $0.052. This uptick in bullish momentum has also caused the Bollinger bands to expand, indicating an increase in volatility, potentially to the upside. Moreover, it has also resulted in a buy signal after more than 20 days.
Only a 4-hour candlestick close above the SuperTrend indicator’s sell-signal at $0.053 will confirm this uptrend. At the time of writing, Dogecoin price has already blasted through this supply barrier, but the trading session hasn’t ended yet.
Assuming an optimistic outlook, DOGE could surge anywhere between 10% to 15% towards two critical supply barriers present at $0.058 and $0.061, respectively.
DOGE/USDT 4-hour chart
Adding credence to this bullish outlook is IntotheBlock’s In/Out of the Money Around Price (IOMAP) model, which shows the presence of stable support at $0.050, where nearly 87,000 addresses purchased roughly 11.48 billion DOGE.
IOMAP cohorts reveal a stiff resistance level at $0.058, where 31,800 addresses purchased 5 billion DOGE. This supply barrier is the first target and is 9% away from the critical level at $0.053. If DOGE manages to slice through this level, it could surge another 5% to hit the second target at $0.061.
Dogecoin IOMAP chart
On the flip side, a failure to close above $0.058 could result in a downtrend. If this pullback slices through the critical level at $0.053, it will invalidate the bullish thesis. In this scenario, DOGE could drop to $0.046, which is the lower end of the no-trade.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin, Ethereum prices seesaw ahead of the Fed’s decision on rate hike
The US Federal Reserve is expected to raise interest rates while facing the tough task of tackling the banking crisis. Economists expect the central bank to increase its target rate range to 4.75% -5%, although there is a debate as some believe the Fed will not raise its rates at all. Bitcoin price rally steadied above the $28,000 level after yielding nearly 15% gains over the past week.
Aptos Price Forecast: This key level will determine if APT will rally 20% or crash 40%
Aptos price lacks directional bias as it consolidates below a critical hurdle. This level is key in determining where APT will head next. Investors need to wait for confirmation before making their decision. Aptos price rallied 554% between December 30, 2022, and January 26, 2023. This massive uptrend set up a local top at $20.40, resulting in a reversal that pushed APT down by 52%.
These altcoins could yield massive gains after Cardano and XRP prices rally this alt season
While large market capitalization assets Bitcoin and Ethereum hold steady, altcoins like Cardano and XRP have yielded double-digit gains overnight. Crypto experts believe Bitcoin’s rising dominance signals the popcorn effect is close, gains will continue spilling over in altcoins like Cardano (ADA) , XRP and Cosmos Hub’s ATOM.
XRP price tags $0.49 as Ripple bulls make a comeback
Ripple, one of the largest altcoins by market capitalization, witnessed a massive run up to the $0.49, ahead of the US Federal Reserve’s rate hike decision. The recent updates in the SEC v. Ripple lawsuit and the banking crisis have turned market participants bullish on XRP and cryptocurrencies.
Weekly Recap: Bank runs, stablecoin drama, Voyager bankruptcy hearing, threat to DOX Shiba Inu founder
US bank runs sent shockwaves through market participants, traders turned to Bitcoin and the “safe haven” narrative made a comeback. Binance’s $1 billion acquisition of bankrupt crypto lender Voyager is back on track with a ruling from a New York bankruptcy judge.