Dogecoin is trading in an active uptrend and strong trading volume today. The cryptocurrency Dogecoin gained over +45% in a single day by breaking a falling wedge pattern with strong buying volume on multiple exchanges and surged over +70% in a week. Let’s take a quick look at the Dogecoin price analysis and possible reasons for the recent breakout.
What is Dogecoin?
Dogecoin DOGE is based on the popular “Doge” Internet meme and features a Shiba Inu as its logo. The open-source digital currency was created by Billy Markus from Portland, Oregon, and Jackson Palmer from Sydney, Australia, and was forked from Litecoin in December 2013. Dogecoin’s creators envisaged it as a fun, light-hearted cryptocurrency that would have greater appeal beyond the core Bitcoin audience since it was based on a dog meme.
DOGE Price Analysis
At the time of writing, DOGE is ranked the 9th cryptocurrency globally and the current price is US$0.2154. Let’s take a look at the chart below for price analysis:
After looking at the above 15-M candle chart, we can clearly see that Dogecoin was trading inside the falling wedge pattern on the DOGE/USDT pair. The first resistance was on the $0.1733 price level, which DOGE broke with a strong bullish trend buying volume and is now heading towards the recent high price at $0.2560. Seeing that many Altcoins are holding a strong position this week after the recent bitcoin price crash, DOGE may continue to increase in the uptrend if traders keep buying with high volume.
“The falling wedge pattern is characterised by a chart pattern which forms when the market makes lower lows and lower highs with a contracting range. When this pattern is found in a downward trend, it is considered a reversal pattern, as the contraction of the range indicates the downtrend is losing steam.”
What Do the Technical Indicators Say?
The DOGE TradingView indicators (on the 1-day) mainly indicate DOGE as a Buy.
So Why Did DOGE Break Out?
General market sentiment seems to suggest cryptos are hopefully turning back bull run season after recent price corrections. Another reason for this sudden pump in price could be whales secretly buying DOGE for the coming Altcoins rally. Recent tweet was also posted by Elon Musk regarding Tesla to make some Merch buyable with Dogecoin.
Learn How to Trade Live!
Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.
Duration: 6-week course
From: November 15 to December 22
Date/Time: Twice a week, Mon and Wed at 7pm AEST
Location: Zoom webinar
Where to Buy or Trade DOGE?
Dogecoin has the highest liquidity on Binance Exchange, so that would help for trading DOGE/BTC or DOGE/USDT pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.
Disclaimer:
The content and views expressed in the articles are those of the original authors own and are not necessarily the views of Crypto News. We do actively check all our content for accuracy to help protect our readers. This article content and links to external third-parties is included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.
Credit: Source link
