Dogecoin’s DOGE/USD recent price drop has traders speculating about entry points in case a bullish rally resumes.
What Happened: Trader Crypto Daily Trade Signals highlighted a "cup and handle" formation on Dogecoin’s daily chart, a pattern that started in June 2024 with a consolidation phase in October. He identified $0.15 as a critical support zone, suggesting a bounce from here could propel DOGE to $0.22, signaling bullish potential.
The "cup and handle" pattern is a bullish signal in technical analysis, often indicating a potential for significant price increase.
Altcoin Sherpa agrees, recommending an entry at $0.16 for high returns, though he cautions that if current levels don't hold, DOGE could trend toward $0.14. However, he believes that Bitcoin pushing higher would also resume Dogecoin’s rally.
Why It Matters: Nov. 2, known as "DOGE Day," celebrates Kabosu, the real dog behind the Dogecoin meme. This day saw over 500 attendees last year, including major media outlets, in a gathering to meet Kabosu and her owner in Japan.
Industry insiders are buzzing with rumors of a potential DOGE integration with X payments on DOGE Day.
Statistics: IntoTheBlock data shows large transaction volume decreasing by 35.6% and daily active addresses moving lower by 8.9%. Transactions greater than $100,000 are down from 670 to 522 in a single day. Exchanges netflows are down by 397.3%.
What’s Next: The influence of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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.