Bitcoin and Dogecoin’s Bullish Momentum Continues

Bitcoin and Dogecoin- Dogecoin Eyes $0.20 Amid Rising Market Sentiment

Bitcoin and Dogecoin– The crypto market is bouncing back after Easter, with Bitcoin crossing the $87,000 mark. Among the recovering segments, the meme coin sector has gained nearly 4%, pushing its market capitalization to $47.45 billion.

Over the past 24 hours, Dogecoin has surged by approximately 4%, breaking through the $0.16 barrier. Will this short-term recovery lead to a breakout towards $0.20?

Technical Analysis: A Potential Breakout to $0.20

Dogecoin’s price action on the 4-hour chart shows a bullish recovery, now testing key resistance at a descending trendline. The rally has pushed Dogecoin above both the 50 and 100 EMA levels, signaling positive momentum. Additionally, the price has broken through the 38.2% Fibonacci level at $0.1597.

The recovery began with a Morning Star pattern, followed by five consecutive bullish candles, contributing to a 7% surge. This upward movement has also resulted in a positive MACD crossover and a potential bullish crossover between the 50 and 100 EMAs.

Resistance and Next Steps

Currently, Dogecoin faces resistance at a short-term descending trendline, limiting further gains. However, as the broader market sentiment improves, increased momentum could help Dogecoin break through key resistance near $0.1680, formed by the 200 EMA and 50% Fibonacci level. If the rally continues, Dogecoin could potentially reach $0.20, reflecting a 25% surge.

Rising Interest in Dogecoin Derivatives

As the market anticipates a potential breakout, interest in Dogecoin derivatives is rising. Open interest has increased by 3.74%, reaching $1.67 billion. Over the last 36 hours, the long-to-short ratio in Dogecoin derivatives has spiked, signaling growing optimism for a continued recovery.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.