And before you start skimming the post... remember that#BTCstarted with a value of 0.04864654, yes... and now 14 years later... we just have to be patient....
Dogecoin bulls clearly dominated the market last week as its price increased by over 140% during that period. In fact, the bullish rally continued over the past 24 hours.
According to CoinMarketCap, the value of DOGE increased by more than 48%. At the time of writing, DOGE was trading at $0.4192
This aligned with AMBCrypto’s analysis, where we reported that there was a chance of DOGE increasing by 50%.
The latest price surge prompted 61.6 million Dogecoin addresses to take profit, accounting for 96% of the total number of DOGE addresses.
While that was happening, DOGE witnessed a golden cross on its weekly chart. To be precise, the memecoin’s 9-day moving average flipped its 21-day moving average, which hinted at a continued rise in price.
#Btc >>>>>> #Dogecoin
Meanwhile, Ali, a popular cryptocurrency analyst, also posted a tweet revealing a notable update.
According to the tweet, DOGE was moving inside an ascending channel and at the time of writing, the coin was testing the middle resistance level of the pattern.
A successful test could boost this ongoing rally, suggesting a possible surge towards $1. Therefore, we analyze DOGE’s on-chain data.
The trading volume of memecoin increased sharply along with its price, which usually acts as a basis for a bullish rally.
Its open interest also skyrocketed, meaning the chances of the current uptrend continuing were high.
Apart from that, Dogecoin network activity also remained high, as evidenced by the increase in its daily active addresses.
Although the above-mentioned metrics looked bullish, Dogecoin could face trouble in the future. The coin’s price touched the upper boundary of the Bollinger Bands, which often results in price corrections.
On top of that, the memecoin’s Money Flow Index (MFI) entered the overbought zone. This suggested that the selling pressure on the memecoin could increase, which could have a negative impact on its bullish momentum.
However, Dogecoin was not subject to any major liquidations in the near-term future as the liquidation heatmap did not show any significant liquidity occurring in the coming days.
However, as suggested by the Bollinger Bands, if#DOGEfaces a correction, then it could drop to its support near $0.32.
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