DOGE Shows Bullish Signs with Breakout from Descending Triangle
A wave of investor optimism has rejuvenated the crypto markets, propelling Bitcoin (BTC) above the elusive $34,000 mark for the first time since May 2022. Amidst this resurgence, Dogecoin (DOGE), the popular meme-inspired cryptocurrency, has emerged as a standout performer.
Cryptocurrency analyst Ali Martinez, also known as ali_charts on X, recently revealed a significant bullish development for DOGE. According to Martinez, Dogecoin is showing “promising signs” as it breaks out of a multi-year descending triangle on the weekly chart.
DOGE Price Analysis
As of October 30, DOGE was trading at $0.069, marking a 0.94% increase over the past 24 hours. On a weekly basis, the meme cryptocurrency has gained approximately 7%, while its monthly chart shows an increase of more than 12.5%. This rally has led to a $1.1 billion surge in DOGE’s market cap.
For support levels, DOGE currently relies on the 50-day moving average (DMA) at $0.068 and the 100-DMA at $0.065. On the other hand, resistance levels can be found at $0.071 and $0.077, which could potentially increase selling pressure.
Hot Take: What Lies Ahead for DOGE?
The breakout from the descending triangle is an encouraging sign for Dogecoin investors, suggesting the potential for further gains in the future. With the overall positive sentiment in the crypto markets and DOGE’s strong performance, it will be interesting to see if this momentum continues and whether Dogecoin can maintain its upward trajectory.
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