- Dogecoin displays a bullish technical signal with the crossing of the 100-day and 50-day EMAs, hinting at a potential uptrend.
- The $0.077 support level aligns with the 100-day EMA, serving as a critical point for reinforcing bullish sentiment.
- Analysts predict a 1.43% price increase, eyeing the $0.088 resistance, amidst an overall sentiment of extreme greed.
Dogecoin (DOGE) is flashing a promising signal on the charts, hinting at a potential upward trend. Analysts are taking notice of a recent development: the convergence of key moving averages, known as EMAs.
Read CRYPTONEWSLAND on
google news
While not as grand as the legendary “golden cross” phenomenon, where longer-term averages overshadow shorter ones, this smaller-scale event is still significant. Traders are on alert as Dogecoin’s price hovers around this critical juncture, indicating a fierce battle between market bulls and bears.
At present, Dogecoin finds a foothold near the $0.077 mark, closely tied to the 100-day EMA. This level is pivotal; if upheld, it could propel Dogecoin’s value higher, bolstered by the EMA convergence.
However, a breach of this support level might trigger a descent towards $0.070, an area of previous market interest. Optimism reigns as traders speculate on Dogecoin’s ability to leverage this EMA event, eyeing a breakthrough towards the $0.088 resistance. Such a move, if sustained with significant trading volume, could pave the way for further gains, with the psychological barrier of $0.10 looming large on the horizon.
CoinCodex’s latest forecast adds fuel to the optimism, predicting a modest 1.43% increase in Dogecoin’s value by the end of February. Despite this positive outlook, sentiment remains neutral, reflecting a cautious stance among investors. Meanwhile, the Fear & Greed Index paints a picture of extreme greed in the market, signaling heightened speculation.
Read also:
disclaimer read moreCrypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
