fxs_header_sponsor_anchor

Dogecoin confirms bullish breakout while DOGE gathers momentum to hit $0.50

  • Dogecoin price experienced a massive bullish spike on Thursday, gaining 26%.
  • Some selling pressure during the Friday session as bulls and bears digest the move.
  • Strong support is likely to keep Dogecoin above the Cloud.

Dogecoin price is taking a breather after gaining more than 40% at one point during yesterday’s trading session. The price action during the Friday trade is standard after such a significant spike. With the close of yesterday’s candlestick above the Cloud, Dogecoin is ready to push towards $0.50.

Dogecoin price ready to target $0.50, then $1.00

Dogecoin price has certainly been an exercise in patience for bulls. On October 24th, Dogecoin closed above the Cloud in a very bullish manner. The close on the 24th also confirmed that Dogecoin achieved a bullish Ichimoku entry known as the Ideal Bullish Ichimoku Breakout. Instead, sellers stepped in and pulled the rug out from under the buyers.

That all changed on Thursday with Dogecoin catching a massive bid and a flood of new volume denied short-sellers their opportunity. One of the most important results of the big spike is where the Tenkan-Sen and Kijun-Sen were positioned: just above the Cloud. This means that Dogecoin has a massive support structure between $0.27 and $0.28, support that is likely to hold against any near-term short-selling pressure. The next move up for Dogecoin will be to target the $0.50 level.

DOGE/USDT Daily Ichimoku Chart

However, the weekend is approaching, and with it, reduced volume and increased volatility. As a result, buyers will want to be wary of a bull trap developing. The current bullish sentiment and outlook will be invalidated if sellers can push Dogecoin below the 38.2% Fibonacci retracement at $0.23. 

 

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.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.