Lorenzo Stroe
Independent Analyst
- Dogecoin price is contained inside a descending triangle pattern on the 4-hour chart.
- The digital asset is on the verge of a massive 30% breakout towards $0.09.
- A key indicator has just presented a buy signal giving credence to the bulls.
Dogecoin price has finally calmed down after the massive pump and dump generated by Elon Musk and the Reddit forum WallStreetBets' members. Now, the digital asset is on the verge of another massive move within the next 24 hours.
Dogecoin price on the brink of a 30% move
On the 4-hour chart, Dogecoin price has established a descending triangle pattern, which is on the verge of being broken. Climbing above $0.07 will confirm a bullish breakout towards $0.09, a 30% move.
DOGE/USD 4-hour chart
The breakout is more likely thanks to a buy signal just presented by the TD Sequential indicator on the 4-hour chart. Dogecoin price is $0.067 at the time of writing, around 2% away from a potential breakout.
DOGE IOMAP chart
On the other hand, the In/Out of the Money Around Price (IOMAP) chart shows stronger resistance on the way up, especially between $0.07 and $0.071, which coincides with the level above.
The lower support trendline is formed at $0.062, which shouldn’t be too hard for the bears to break according to the IOMAP model. Losing this key level can drive Dogecoin price down to $0.043.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
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.