Dogecoin Gains Amidst Inflows into Crypto Market
Dogecoin (DOGE) has seen a 4.35% increase in the past seven days as the crypto market sees increased investment. This positive price action has led to an analysis by Captain Faibik, who predicts a 30% surge for DOGE.
Potential Breakout for DOGE
Captain Faibik’s analysis suggests that DOGE is on the brink of breaking out of a symmetrical triangle pattern, which could push the price above $0.1 again. The price chart shows a downward-sloping triangle with lower highs and higher lows, indicating a potential bullish consolidation phase before a trend reversal to the upside.
Chainlink’s Impact on Dogecoin
Chainlink’s recent price gain has caused it to displace Dogecoin from the top 10 cryptocurrencies by market cap. However, Chainlink’s rally seems to be slowing down, giving Dogecoin an opportunity to catch up. A 30% breakout for DOGE could propel it back into the top 10 crypto assets.
Technical Factors and Resistance Levels
While there are no guarantees of another major DOGE rally, technical factors are aligning. The first resistance level is at $0.083, and a successful breakout above this level could provide traders with an entry opportunity. Failing to break above this resistance would invalidate a bullish run and potentially cause DOGE to fall back to $0.078.
Hot Take: DOGE Poised for Bullish Breakout
With recent gains and technical analysis pointing towards a potential breakout, Dogecoin (DOGE) enthusiasts have reason to be optimistic. Captain Faibik predicts a 30% surge for DOGE as the price approaches a symmetrical triangle breakout. This could push DOGE back above the $0.1 level and potentially propel it back into the top 10 cryptocurrencies by market cap. While there are no guarantees, the current price action and technical factors suggest that DOGE may be on the verge of a bullish trend reversal. Traders should keep an eye on key resistance levels for confirmation of a breakout.
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