- Dogecoin has displayed remarkable resilience after a 5% rebound amid great market volatility.
- The increased trading volume, rising market cap, technical indicators, and the surge in social volume suggest a potential for further upward price movement.
Dogecoin (DOGE), a coin that started as a joke, has defied all odds, showcasing remarkable resilience amid market volatility. DOGE experienced a 5% down-surge landing at critical support levels of $0.1183. However, the memecoin bounced back with a 5% recovery from its current price, earning investors’ attention due to its recent price action.
With a crucial support level of $0.1183, a grand battle lies between the bulls and the bears. Should the bears subdue the bulls, a breakdown below the aforementioned level could see DOGE’s price crumbling. Nevertheless, if the bears were to succumb to the bull’s potent horns, DOGE could experience a potential price surge.
According to recent market prices, at the time of writing, DOGE is inclining more towards a bullish outlook with the memecoin trading at $0.1237, moderately above the critical support level. Representing a 0.50% surge in the last seven days, Dogecoin’s market cap has grown by 4.91%, reaching $17.86 billion. Additionally, DOGE’s trading volume has witnessed a significant surge of 10.54%, reaching a staggering $863 million. These optimistic metrics paint a promising picture for DOGE.
From a technical point of view, data from stochastic RSI, currently ranked at 12.74, means that DOGE is in an oversold zone. This suggests that the current price levels could be an entry point for long-term holders, potentially laying the foundation for a reversal. Furthermore, the MACD (Moving Average Convergence Divergence) suggests that bearish pressure across the crypto market is fading.
The increased social volume and whale activity are the icing on the cake. According to data from Santiment, there are correlations between social activity and whale activity. Noteworthy, there has been an uptick in market volatility, which has fallen in tandem with spikes in both metrics.
However, precaution is mandatory as all flags lead to a positive conclusion. Coinglass’ liquidation heatmap has exposed an underlying market tension. Notably, clusters of liquidations are concentrated around crucial price points. This indicates that investors were caught unprepared by the sudden price movements, and this volatility could lead to further liquidations in both bullish and bearish directions.
Pressing on DOGE’s bullish roadmap, crypto analyst Kriss Pax suggested in a video on YouTube that DOGE is poised for a bullish outlook. According to the Crypto analyst, this might be the prime entry point. Additionally, Pax said the recent price-down surge could be the last ultimatum before DOGE and the crypto market recover.
The current price point represents a critical juncture for Dogecoin. If DOGE can hold its ground above the $0.1183 resistance level, it could clear the way for further price surges. Contrarily, a breakdown below this level could trigger a bearish trend.
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