|

Dogecoin price to jump on the bull trend and as DOGE eyes a 25% rally

  • Dogecoin price jumps over 3% in early Wednesday trading.
  • DOGE must thank Asian stocks for their staggering performance and tailwind in crypto.
  • Expect to see another test at $0.08 with a possible break above, opening up a 23% gain.

Dogecoin (DOGE) price is popping higher after another gloomy day on Tuesday as markets rolled over yet again. This Wednesday morning a bullish undertone is emerging as Asian stocks rally higher and pull risk assets along with them. The move higher comes after China’s central bank committed to coming up with more financial aid for companies, which triggered a massive bull wave in all risk assets.

Dogecoin price riding the bull wave higher with nearly a 23% gain

Dogecoin price is on a tear this Wednesday after the ASIA PAC session held an upbeat surprise, which was very supportive for equities and cryptocurrencies. The Chinese central bank, the People’s Bank of China, is opening up its wallet again in a bid to provide financial support for companies. This boosted Asian stocks higher and allowed peak performance of nearly all crypto assets.

DOGE sees the recovery at a very crucial time as the 55-day Simple Moving Average (SMA) has just breached below the 200-day SMA, flirting with a Dead Cross. This spike higher could be vital to untangle that cross and rather turn it into a Golden Cross. That would mean that DOGE could rally all the way up to $0.10 for a 23% gain.

 DOGE/USD  4H-chart    

DOGE/USD  4H-chart    

The risk to the downside is of course that the bearish sentiment in the US session takes over again. Expect to see  a fade with price action sliding back below $0.076 by the US opening bell. Although the monthly S1 support at $0.0726 should be enough, there could be a small depression toward $0.0700.

Author

Filip Lagaart

Filip Lagaart is a former sales/trader with over 15 years of financial markets expertise under its belt.

More from Filip Lagaart
Share:

Editor's Picks

Bitcoin Weekly Forecast: Binance security breach and hawkish Fed push BTC lower
Bitcoin (BTC) continues to weaken this week, down more than 3% and heading for its fourth straight weekly loss. The largest cryptocurrency by market capitalization is facing a bearish outlook, fueled by a hawkish Federal Reserve (Fed) outlook at the October meeting and a reported $6.3 billion hack at Binance, which is driving risk aversion and triggering heavy liquidations.
Ripple Price Forecast: XRP bulls defend $1.20 as sell-side pressure triggers liquidations
Ripple (XRP) trades around $1.25 on Friday, rising from a short-term support level established at $1.20. This minor upward correction follows a sharp sell-off, triggered amid reports of a hack attack on the Binance exchange that impacted approximately $6.3 billion. The attack drove the broader crypto market on edge, as Binance suspended both deposits and withdrawals to contain the situation.
Bitcoin, Ether and XRP selloff wipes out $1.5 billion in leveraged crypto bets
Crypto traders betting on higher prices had about $1.29 billion in positions forcibly closed over the past 24 hours, as the selloff following Binance’s security breach pushed bitcoin, ether and smaller tokens lower. Total liquidations reached $1.53 billion by Friday morning in Asia, according to CoinGlass. Long positions, bets that prices would rise, accounted for 83.8% of the total.
Crypto Today: Bitcoin, Ethereum, XRP sell-off cools after Binance security breach
Cryptocurrency prices are on edge on Friday, with Bitcoin (BTC) delicately holding onto a short-term $78,000 support, Ethereum (ETH) edging lower near $2,200 and Ripple (XRP) attempting a recovery above support established at $1.20. The cooldown follows Binance, the largest crypto exchange, after it reported a hack that impacted about $6.3 billion.
Bitcoin: Binance security breach and hawkish Fed push BTC lower
Bitcoin (BTC) continues to weaken this week, down more than 3% and heading for its fourth straight weekly loss. The largest cryptocurrency by market capitalization is facing a bearish outlook, fueled by a hawkish Federal Reserve (Fed) outlook at the October meeting and a reported $6.3 billion hack at Binance, which is driving risk aversion and triggering heavy liquidations.