- Dogecoin price jumped 4% on Sunday trading as traders gear up for a bullish week.
- DOGE sees tailwinds coming in from Fed silence and a weaker US Dollar on Monday.
- Traders must be aware of DOGE lagging in the rally against the top 3 cryptos.
Dogecoin (DOGE) price is set to get another boost as markets are entering an area with good trading conditions that are granting some upside. Do not expect Dogecoin price to become an outperformer, but rather see it as a granted profitable trade with limited nearby price targets. As Fed speakers enter the blackout period and some lighter economic data comes out this week, the conditions look fine for a nice 13% gain.
Dogecoin price to be traded as it is
Dogecoin price is set up for some nice upside after market conditions opened up in favor of the bulls last week following some very volatile price action. The biggest element to take away is that the green ascending trendline on Dogecoin’s chart held and withstood the market turmoil. Expect to see a grind and push higher in this bullish triangle formation with the green ascending trend line as the sloping side in the triangle, thus making it key to deciding if the trade can continue or if the rally has been broken.
DOGE traders who enter for a long trade must remain realistic in their price projections on when to book profits. Where Bitcoin price, for example, is set to go forward roughly 25%, Dogecoin price traders will need to settle for 10% instead, which is still not bad. The level to watch is $0.1004, with the monthly R1 not far away, making it a tough nut to crack.
DOGE/USD daily chart
The big inflection point on the chart is at $0.0830, where quite a few forces are currently underpinning the price action, including the monthly pivot, the 55-day Simple Moving Average and the green ascending trendline all clustered together. Should that level break, expect a full unwind of the rally. That means DOGE could trade back to $0.0650 and look for support at the start of the rally and the monthly S1 support level nearby.
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, crypto market remain in uptrend following 25 bps Fed rate cut
Fed Chair Jerome Powell stated that the FOMC lowered the Fed funds rate by 25 basis points. The rate cut comes after Bitcoin reached a new all-time high price upon Donald Trump's election victory. Ethereum and Solana also retained gains of 7% and 4%, respectively, following the rate cut.
XRP sees bullish momentum following $123 million increase in open interest
XRP exchange reserves in Binance and Upbit have declined by nearly $13 million. In the past three days, investors opened over $123 million worth of XRP positions. XRP needs to overcome key descending trendline resistance to stage a rally to $0.6640.
Coinbase launches wrapped Bitcoin token on Solana network
Crypto exchange Coinbase announced on Thursday that it has launched its synthetic Bitcoin token, cbBTC token, on the Solana network, marking its first token issuance on the Layer-1 platform. The new token will allow users to stake Bitcoin on Solana and use it as lending collateral.
Solana Price Forecast: Investors stake $1.3B SOL amid November winning streak
Buoyed by Donald Trump's victory at the polls, the global crypto market entered its third consecutive day on an uptrend on November 7, 2024. Amid the ongoing rally, Solana emerged one of the biggest gainers on Thursday, as demand for native memecoins further propelled market demand for SOL.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.