2024-5-5 10:45 |
Crypto markets experienced a rollercoaster ride this week, with Bitcoin plunging to $56,000 before recovering nicely to trade in the $63,000-$64,000 range. However, the last 24 hours have been relatively calm, with the market consolidating and entering a “boring” mode, devoid of big price movements.
Amidst this lull, one coin stood out – Dogecoin (DOGE), the king of meme coins, outperforming its peers with a 7% pump in the last 24 hours. In comparison, PEPE declined by 2%, while WIF managed a modest 1.5% gain. Even the popular Shiba Inu (SHIB) couldn’t keep up, slipping 1% during the same period.
A closer look at the DOGE/USDT chart reveals that Dogecoin has been trading in a sideways channel since the beginning of March, as indicated by the blue lines on the chart. This range, spanning $0.12 to $0.22, has acted as a crucial battleground for DOGE.
The $0.12 level, in particular, has proven to be a formidable support, successfully withstanding this week’s market crash. Interestingly, this area aligns closely with the 200-day moving average, currently hovering around $0.11.
After the recent dip, DOGE bounced back to its current levels of around $0.16. However, to break out of this channel and continue its bull run, Dogecoin needs to breach the $0.22 resistance level. This level was briefly touched in late March, but Dogecoin has yet to muster the strength to attack it decisively.
Technical indicators provide further insights into DOGE’s current trajectory. The Relative Strength Index (RSI) on the daily chart stands at 52, indicating a relatively neutral sentiment. Meanwhile, the MACD (Moving Average Convergence Divergence) line has crossed above the MACD signal line, suggesting a potential bullish momentum building up.
As for where DOGE could be headed from here, the possibilities are intriguing. Renowned crypto trader and analyst DonAlt, who boasts an impressive following of over 545,000 on X (formerly Twitter), declared himself a “DOGE maxi.” When asked about his price target for DOGE in this bull run, DonAlt’s response was a resounding “$1.”
I have become a DOGE maxi
— DonAlt (@CryptoDonAlt) May 4, 2024DonAlt’s optimism stems from his extensive experience in the crypto industry, having witnessed numerous market cycles and the resilience of meme coins like Dogecoin. His bold prediction has reignited the enthusiasm of the DOGE community, fueling hopes of breaking through the psychological barrier of $1.
In conclusion, while the broader crypto market remains in a state of consolidation, the meme coin arena has been shaken up by Dogecoin’s recent outperformance. With technical indicators hinting at potential bullish momentum and a seasoned crypto analyst voicing his unwavering support, the stage is set for an exciting chapter in Dogecoin’s journey.
Read also: SUI Overtakes Solana (SOL) in Daily Transactions: A Good Time to Buy the Token?
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The post Dogecoin Outshines PEPE, WIF and Other Top Meme Coins As Veteran Crypto Analyst Predicts DOGE to Hit $1 appeared first on CaptainAltcoin.
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