Crypto Market Surges: Bitcoin Reaches $80,100 and Dogecoin Gains 83%
On November 10, Bitcoin shot to a new all-time high of $80,100, sparking a wider market breakout. Due to its intrinsic volatility and popularity among speculative traders, the meme coin saw a high-momentum surge, while the majority of significant altcoins followed the same trend. The price of Dogecoin rose to a three-year high of $0.297 with a weekly gain of 83.69%. The price of DOGE was up 17.01% intraday at $0.2885 at the time of publication. With a 24-hour trading volume of $18.79 billion, the asset market cap is $42.34 billion, according to CoinMarketCap.
Dogecoin Price Breaks Out of Cup and Handle Pattern, Targets $0.40
The dog-themed memecoin Dogecoin has been steadily rising since early September, having begun at the $0.091 bottom support. The buyers’ resolve to propel a protracted upswing is reinforced by the creation of new, higher highs and lows supported by a growing training volume. However, after Donald Trump was elected as the 47th President of the United States this week, the crypto market recovered more quickly. Thus, the price of Dogecoin registers a significant increase of 80%, from $0.148 to $0.269.
According to a weekly chart analysis, the enormous green candle provides a breakout from the $0.228 cup and handle pattern neckline. A rounded bottom after a drop creates the “cup” at the start of this pattern, which denotes a phase of slow recovery as selling pressure eases and buyers resume. Following the exhausting bullish breakout, the next “handle” recovers with a brief consolidation or pullback close to the resistance level. In the event that the breakout is maintained, the Dogecoin price forecast may reach $0.4, representing a possible 53% increase.
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