- The initial barrier is at $0.35, the mid-August high.
- Expect a positive breakthrough towards $0.53 as the price squeezes.
Dogecoin‘s proof-of-work mechanism varies from Bitcoin‘s in various areas, including employing Scrypt. The cryptocurrency has a one-minute block interval and an infinite supply, which means it may be mined indefinitely.
The price of Dogecoin (DOGE) has been rising since April, with minor price swings. Bulls have consistently supported the lower end of the DOGE price response around the green ascending trend line. Expect a positive breakthrough towards $0.53 as the price squeezes.
Bulls Eyeing For a Buy
Since September, the buy-side volume has increased significantly. Bulls may use these chances to bolster their previous or fresh long holdings. The green rising trend line seems to be holding firm. The topside red falling trend line has only seen one retest in two weeks. Without a third test, the decreasing top line’s strength is questioned. The present level of mounting buy volume is simply too great for shorts in Dogecoin to meet.
The initial barrier is at $0.35, the mid-August high and the monthly R1 resistance. When Dogecoin price gets some tailwinds to support the advance, anticipate a faster breakout to $0.53 with no bears to oppose it.
If the current surge in DOGE price fails, anticipate the level at $0.20 to remain. This level has been the S1 support level for a few weeks now with no testing. Bulls would take up Dogecoin pricing on a break below the trend line since the alt-currency is still in the media and benefits from this. According to CoinMarketCap, the Dogecoin price today is $0.261157 USD with a 24-hour trading volume of $1,232,873,926 USD. Dogecoin has been up 0.96% in the last 24 hours.
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