Dogecoin DOGE/USD has caught traders’ attention thanks to bullish chart patterns, even though price remains flat for the time being.
What Happened: After a 177% surge in the last month, crypto trader DonAlt highlighted Dogecoin's impressive chart, suggesting that the meme coin is poised for further gains.
More Crypto Online points out that Dogecoin’s support lies between $0.25 and $0.34, and after a 3.7% dip over the last week, the correction is almost complete.
However, the trader anticipates a potential continuation before a breakout above $0.445, which could propel prices to $0.60.
Trader Koala takes a cautious yet optimistic stance, calling Dogecoin's chart the "best-looking" and suggesting any pullbacks should be viewed as buying opportunities.
He sees the only tailwind risk is the elimination of “Department of Government Efficiency.”
Crypto analyst Kevin predicts that the longer the consolidation, the bigger the next leg up, potentially marking the start of Dogecoin’s largest bull run yet.
Also Read: Dogecoin Up 6% After Elon Musk’s ‘Dogefather’ Tweet: Is This The Start Of A ‘Parabolic Run’?
Why It Matters: Ali Martinez, a crypto chart analyst, revealed that Dogecoin whales have bought over 550 million DOGE, worth $214.5 million, in the past week.
IntoTheBlock data shows large transaction volume and daily active addresses increased 41.1% and 34.9%, respectively, in a single day.
Coinglass data shows long liquidations at the lowest level ($7.4 million) since Nov. 9, while open interest remains high, exceeding $3.07 billion.
Price Action: At the time of writing, Dogecoin is trading at $0.3846, up 1.7% over the past 24 hours.
Read Next:
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
