Dogecoin (DOGE) has hit a milestone by flipping a multi-year resistance level of $0.12650 into new support. According to a tweet by Rekt Capital, a prominent crypto analyst, this development marks the end of the macro downtrend that has been in place for an extended period.
The confirmation of a new macro uptrend is a bullish signal for DOGE, suggesting that the cryptocurrency may be poised for further growth in the coming months. This breakthrough could attract more investors and traders to the market, potentially driving up demand and the price of Dogecoin.
What you'll learn 👉
DOGE Consolidates in Sideways Channel, Presenting Opportunities for Swing Traders
A recent technical analysis by altFINS provides further insights into Dogecoin’s current market structure and potential trading opportunities. DOGE is currently consolidating within a sideways channel, with support at $0.13 and resistance at $0.20. This neutral pattern indicates market indecision and presents opportunities for both swing traders and trend traders.
Source: altFINS – Start using it today
Swing Trading Strategy
Swing traders can capitalize on the current range-bound market by entering positions near the channel support at $0.13 and exiting near the horizontal resistance at $0.20. This strategy offers a potential gain of approximately 50%, with a suggested stop loss level at $0.12 to manage risk. Setting a price alert can help traders stay informed about potential entry and exit points.
For trend traders, waiting for a breakout in either direction is recommended. Typically, the breakout tends to occur in the direction of the existing trend. In the case of Dogecoin, the short-term and long-term trends are currently in an uptrend, while the medium-term trend remains neutral.
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Show more +Momentum and Support/Resistance Levels
Dogecoin’s momentum indicators present a mixed picture. The MACD (Moving Average Convergence Divergence) line is above the MACD signal line, suggesting a bullish momentum. However, the RSI (Relative Strength Index) is around 50, indicating a neutral market condition.
In terms of support and resistance levels, the nearest support zone for DOGE is located at $0.130, followed by $0.110. On the upside, the nearest resistance zone is at $0.200, with the next level at $0.250.
Also checkout: Analyst Shares Weekly Crypto Watchlist: Bitcoin (BTC), Jito (JTO) and Other Tokens in Focus
The recent breakout of Dogecoin above a multi-year resistance level and the confirmation of a new macro uptrend are significant developments for the cryptocurrency. These bullish signals suggest that DOGE may be well-positioned for further growth in the near future.
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