Dogecoin's DOGE/USD 8% rally over the past week prompted new bullish price predictions from traders.
What Happened: Crypto Daily Trade Signals outlines that the next crucial resistance for the meme coin is at $0.116 and if breached, it would "put DOGE back in the bullish reversal pattern of a descending wedge."
According to the analyst, this pattern could potentially propel DOGE to a target of $0.220, a substantial 74.46% rally. The meme coin may struggle to breach the $0.128 mark and if it fails, a drawdown to $0.116 is possible.
In another tweet, Crypto Daily predicted that Dogecoin bulls want prices to peak at $0.13 before going "all in." Current prices show that the bull run has not begun and if it surpasses the 20-day moving average, Dogecoin could rally higher. The Chaikin Money Flow (CMF), a technical indicator, implies increased buying pressure and if validated, it “could spur Dogecoin on a 27.56% increase that takes it to $0.13."
Also Read: What Is Going On With Dogecoin’s ‘Painful’ Price Action?
Why It Matters: IntoTheBlock data shows daily active addresses increasing by 5.1% and large transactions volume decreasing by 11.6%. Exchanges netflows declined by 58.8%. It further shows that around 35.27 billion DOGE, worth $4 billion, was purchased between $0.105 and $0.114.
Crypto trader Kevin pointed out this sudden increase in Dogecoin's money flow:
What’s Next: The influence of meme coins and 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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