Dogecoin DOGE/USD is all set for its next bullish rally based on technical chart analysis, according to popular crypto traders.
What Happened: Crypto trader Kevin shared his optimistic outlook on Dogecoin, highlighting significant liquidity levels and potential price targets for the cryptocurrency.
His analysis showed a substantial block of liquidity at the $0.175 level on the three-month timeframe. He noted that most liquidity beyond this point is between $0.20 and $0.23. According to Kevin, market makers tend to move towards higher liquidity areas, suggesting it has a “nice little bullish chart.”
Another trader, Crypto Daily Trend Signals, identified $0.145 as a major support zone and forecasted that Dogecoin could rise to the $0.33-$0.35 range soon. Kevin mentioned that a daily close above $0.18308 could lead to further gains up to $0.57 for DOGE.
Also Read: Dogecoin Pumps 8% And Its Next Move ‘Could Be Huge,’ Touts Trader
Why It Matters: Kevin’s bullish forecast for Dogecoin comes at a time when the cryptocurrency market is experiencing significant volatility. His analysis provides a potential roadmap for traders and investors looking to capitalize on Dogecoin’s price movements.
Understanding liquidity levels and support zones is crucial for making informed trading decisions. Kevin’s insights into these aspects can help market participants navigate the current landscape.
During the week, Sistine Research mentioned being bullish on DOGE, citing that Arthur Hayes and Raoul Pal are supposedly working on launching a DOGE ETF that would benefit from the Trump presidency.
Price Action: DOGE is trading at $0.1445, down 0.4% over the past 24 hours.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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