Dogecoin Poised for Further Profits
The popular memecoin, Dogecoin (DOGE), has been closely following the general sentiment in the crypto market as it breaks out from a crucial level. Despite experiencing selling pressure on low timeframes, it appears to be poised for further profits. As of now, Dogecoin (DOGE) is trading at $0.078 with a 1% loss in the last 24 hours. Over the past seven days, the memecoin has held 6% in profits, making it one of the top performers in the top 10 by market capitalization.
Analyst Makes Bullish Case for $0.10
The recent rally of Dogecoin has faced obstacles during today’s trading session, with the price dropping below the critical level at $0.08. However, crypto trader Rekt Capital claims that the recent price action confirms a bullish trajectory for the token. The chart shows that Dogecoin has completed a path from its yearly lows at $0.052 across October and November, breaking its descending channel and setting a path towards the area above $0.11, last seen in 2022.
DOGE Price Likely To Return To All-Time High
Another crypto trader’s report examines Dogecoin over high timeframes and suggests that the token is close to completing a major breakout over its Bitcoin (BTC) trading pair on this horizon. The analyst cites several positive fundamentals for Dogecoin, including scalability and low energy consumption transactions. They also point to bullish patterns and indicators in higher timeframes for DOGE/BTC trading pair.
Hot Take: Dogecoin’s Future Looks Promising
Despite facing obstacles in today’s trading session, Dogecoin’s overall trajectory looks promising as it moves towards potential profits. With positive fundamentals and bullish patterns on high timeframes, DOGE may be on route to return to its previous highs against Bitcoin and USDT trading pairs. The momentum in the crypto market remains bullish, even with an increase in selling pressure.
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