- Dogecoin set for 200% rise, with an eye on a breakthrough above $0.163.
- The On-Chain Metrics indicator can indicate a potential breakout.
Dogecoin [DOGE] Price has been consolidating from early March in a descending triangular pattern, until the 20th of May. On that day it broke through resistance to ascending triangle and reversed its direction before surging up towards $0.1748.
Dogecoin’s price could surge by 200% in the future. The prediction is based on an Ali’s social media post. MartinezA well-known crypto analyst and trader.
Martinez thinks that Dogecoin’s market sentiments remain at the same level as they were early in February just prior to a price spike.
Are the metrics indicating a potential breakout?
AMBCrypto analysed Santiment’s social volume, weighted sentiment and market sentiment. Market sentiments showed that Dogecoin’s bearishness was similar to that of early March just before a massive price increase. This suggests that another surge could be expected in the future.
Santiment
Dogecoin prices soared up to $0.18 at the beginning of March. In early March, the price of Dogecoin soared to $0.18.
The latest information available is that as of the date this document was written. coinmarketcapDogecoin is currently trading at $0.1612 – a rise of 1.82% in 24 hours, and a decrease of 2.25% in the past seven days.
Martinez: Dogecoin Whales bought 700 Million Dogecoins worth $112 million in just 72 hours.
Source:
AMBCrypto then analyzed the chart of the long/ratio which caused several spikes in the bullish direction over the past 24 hours. It is clear that the bulls are gaining control and building up a strong Bullish rally.
Coinglass
Dogecoin’s price was at the press time following an ascending trendline, which has been rejected 3 times over the last 14 day.
The price may be on its way to a new high of $0.1749 if it manages to overcome the $0.16313 level resistance and closes above.
Stochastic RSI (16.61), indicates an oversold condition in the market. A bullish correction will likely follow. MACD shows a string of bullish bars in the past two weeks.
The bars in the histogram indicate that there is an imbalance to the bulls’ side.
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As the MACD crosses the signal lines, the most recent bars of bearish histograms are diminishing. This indicates that the bullish momentum will likely take over..
Market sentiments and technical analysis are in line with the tweet by Ali martinez about a potential 200% increase.
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Source: ambcrypto.com
