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Analysts Call Dogecoin Breakout As Retailers And Whales Stack Up
The post Analysts Call Dogecoin Breakout As Retailers And Whales Stack Up appeared on BitcoinEthereumNews.com. Dogecoin’s price movement is consistently noting positive growth, and its future outlook appears quite optimistic. According to analyst Ali Martinez, Dogecoin ($DOGE) is on its way to a parabolic bull run influenced by the activity of both retail and institutional investors. Ali states that the price trajectory of Dogecoin is looking like a historic breakout, as whales and retailers accumulate the coin. Source: X However, the coin is yet to enter the overbought territory, suggesting there is more to come in the coming weeks. In recent weeks, Ali cites that large-scale investors have reportedly stuck to DOGE instead of Bitcoin (BTC). – Advertisement – Technical Analysis Indicates Room for Growth Looking from a technical standpoint, though DOGE has surged close to 360% from previous lows, momentum indicators suggest it’s yet to precipitate into overbought territory. For instance, the Money Flow Index (MFI) is at neutral 55.94, hence strong investor interest with the risk of any imminent correction. The healthy balance between buying pressure and price movement indicates Dogecoin still has scope for huge gains. – Advertisement – Source: X Martinez says Dogecoin’s price action seems to be in a parallel channel, a technical pattern that may be dictating further movement. A strong level of the channel’s lower boundary became a base of the rebound for the token. Based on this pattern, Martinez puts Dogecoin as a possibility to reach $2.40 in the near term and long-term resistance at $18. Dogecoin is now consolidating around its recent highs in a price range of around $0.3751. The 4-hour chart reflects a mini-trend taking shape, where it appears the range is about to break out. If DOGE can break clear of the resistance at $0.38, the next leg of the rally could be on its way to Martinez’s first target of $2.40. 4-hour…
The post Analysts Call Dogecoin Breakout As Retailers And Whales Stack Up appeared on BitcoinEthereumNews.com.
Dogecoin’s price movement is consistently noting positive growth, and its future outlook appears quite optimistic. According to analyst Ali Martinez, Dogecoin ($DOGE) is on its way to a parabolic bull run influenced by the activity of both retail and institutional investors. Ali states that the price trajectory of Dogecoin is looking like a historic breakout, as whales and retailers accumulate the coin. Source: X However, the coin is yet to enter the overbought territory, suggesting there is more to come in the coming weeks. In recent weeks, Ali cites that large-scale investors have reportedly stuck to DOGE instead of Bitcoin (BTC). – Advertisement – Technical Analysis Indicates Room for Growth Looking from a technical standpoint, though DOGE has surged close to 360% from previous lows, momentum indicators suggest it’s yet to precipitate into overbought territory. For instance, the Money Flow Index (MFI) is at neutral 55.94, hence strong investor interest with the risk of any imminent correction. The healthy balance between buying pressure and price movement indicates Dogecoin still has scope for huge gains. – Advertisement – Source: X Martinez says Dogecoin’s price action seems to be in a parallel channel, a technical pattern that may be dictating further movement. A strong level of the channel’s lower boundary became a base of the rebound for the token. Based on this pattern, Martinez puts Dogecoin as a possibility to reach $2.40 in the near term and long-term resistance at $18. Dogecoin is now consolidating around its recent highs in a price range of around $0.3751. The 4-hour chart reflects a mini-trend taking shape, where it appears the range is about to break out. If DOGE can break clear of the resistance at $0.38, the next leg of the rally could be on its way to Martinez’s first target of $2.40. 4-hour…
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