Dogecoin Up 30%: More Rally coming?

Dogecoin (DOGE), a popular meme coin, has continued to be a widely traded cryptocurrency due to its strong community backing and celebrity endorsements.

Price is trading in a Channel Up pattern. With emerging patterns, traders who believe the price is likely to remain within its channel can initiate trades when the price fluctuates within its channel trendlines.

Dogecoin has had a steady increase in value, with a notable rise of about 2.7% over the last 24 hours.

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Dogecoin Price Analysis

• Price: $0.1405
• Market Cap: $19.12 billion
• 24h Trading Volume: $1.2 billion
• Circulating Supply: 135 billion DOGE
• Total Supply: Unlimited (inflationary model)

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Price broke out from Channel Up pattern and could revisit $0.17 next. However, it is getting overbought (RSI > 70). We would be buyers near Channel support, with upside potential back to $0.126 – $0.140 resistance zone. Stop Loss at $0.093.

Weekly Price Analysis

• 7-day Price Change: +26.1%
• Weekly High: $0.13995
• Weekly Low: $0.11133
• Trend: Short-term trend is Strong Up, Medium-term trend is Up, Long-term trend is Down.
• Momentum: Price is Overbought currently.
• Support and Resistance: Nearest Support Zone is $0.10, then $0.075. Nearest Resistance Zone is $0.17.

Technical Indicators

• RSI (Relative Strength Index): 63.2 (indicating bullish momentum)
• MACD (Moving Average Convergence Divergence): Positive crossover, suggesting a continued upward trend.
• Bollinger Bands: DOGE is trading near the upper band, indicating potential overbought conditions in the short term.

DOGE News Roundup

1. Partnership Talks: Rumors of Dogecoin partnering with large corporations to be used as an online tipping system are gaining traction.
2. Musk’s Influence: Elon Musk’s tweets continue to influence DOGE’s price, with expectations of a future integration in some of his ventures such as X (formerly Twitter).

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Harsh Panghal

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