- Dogecoin’s market cap has surged by 5.14% and now stands at $15.29 billion.
- The symmetrical triangle pattern on the daily chart signals a possible breakout.
- MACD is close to the signal line and RSI is neutral, indicating an unaffected period.
Dogecoin (DOGE) has seen a 4.94% rise in its net value over the previous day, resulting in the coin having a net price of $0.1047. Speculating from the daily charts, the coin has been rising with a strong bullish trajectory over the past 24 hours, as can be seen from its present support and resistance levels. The day took off with a price tag of $0.09981 to a present price of $0.105, which is a price difference of $0.00519. This shows how investor engagement in the market was very high.
Dogecoin Market Cap Rises as Price Nears Breakout in Triangle Pattern
Dogecoin has a market capitalization of $15.29 billion, with an increase of 5.14% over the past 24 hours, resulting in the coin being ranked as number 9 globally. According to the latest data from coinmarketcap, the trading volume performance of the coin differs with marketcap’s trajectory. With a 20.78% decrease, the trading volume is currently valued at $794.3 million.
Source : coinmarketcap
The daily chart for DOGE against the US dollar on TradingView shows a developing symmetrical triangle pattern, indicating a potential breakout . Presently, the coin trades at $0.10566, experiencing a decline of 1.72%. The symmetrical triangle is formed by two trendlines, one being an upper descending line connecting the highs at points B and D and the other being a lower ascending line connecting the lows at points A and C. A regrouping period is expected, with a potential breakout expected as the price approaches its apex.
Dogecoin Nears Key Breakout as Price Consolidates in Triangle Pattern
The key support level is marked at $0.07397, which is indicated by the lower trending yellow line. This showcases a solid foundation of prices from where it had a rebound. On the upper side, the price faces resistance near $0.15000, as indicated by the green horizontal line, which signals a potential breakout. It could either be a further market increase or it could rebounce.
Source: Tradingview
The Relative Strength Index (RSI) is yet at 41.70, an indication that the market is neutral or is in a period of reorganization, neither rising nor falling. The fact that the indicators lately coincide and head upwards gives hope of the market rebouncing upwards. However, the MACD line is slightly below the signal line, an indication of a bearish crossover . But there are possibilities of a potential shift because the MACD histogram bars are close to zero and are gradually fading.
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