Crypto News- Yesterday, the renowned cryptocurrency trader and analyst known as Crypto Tony made an intriguing revelation in one of his recent posts. According to him, Dogecoin (DOGE) is currently in the process of retesting the upper boundary of a long-term descending triangle on its weekly chart. In his analysis, Crypto Tony emphasized that DOGE’s ability to maintain a position above this bearish chart pattern for the next few weeks might trigger a significant rally for meme coins.
DOGE Bucks Bearish Trends, Signaling Potential for a Meme Coin Rally
In the last 24 hours, meme coins, as a group, displayed a notable upswing, with a 3.04% increase in their collective market capitalization, as reported by CoinMarketCap. This positive performance was aligned with the broader market’s capitalization, which also grew by 2.51% during the same time frame. Consequently, the meme coin market reached a total valuation of $16,375,551,902.
DOGE, being the leading meme coin, managed to secure a 24-hour gain of 1.76%. This recent surge in price was sufficient to shift DOGE’s weekly performance from negative territory to a modest +0.08%. As a result, DOGE’s price stood at $0.06885 at the time of the report.
Notably, a symmetrical triangle pattern had formed on DOGE’s daily chart over the past few days. This pattern indicated the possibility of a forthcoming breakout. In the event of an upward breakout, DOGE could set its sights on surpassing the $0.07195 resistance level. Subsequently, sustained buying pressure might propel DOGE to as high as $0.07885.
On the flip side, a downside breakout could see DOGE revisiting the immediate support level at $0.06450 within the next 24 to 48 hours. Should sellers continue to dominate, the meme coin’s price might face further downward pressure, potentially reaching the next crucial support level at $0.05835 in the short term.
Leave a comment