Dogecoin Shows Promising Signs of Growth as Bitcoin Consolidates - Latest cryptocurrency news

Dogecoin Shows Promising Signs of Growth as Bitcoin Consolidates

As Bitcoin prepares to close the month at $37,700 while struggling to hold the $37,700 level, the motivation for the crypto markets to enter an upward trend in the month of December is significant. As we approach the year 2024, excitement for the halving event is growing, and experts have been pointing to January for the ETF issue.

In October, Dogecoin broke away from a declining trend line after being rejected three times in a 900-day period, making a notable breakout on the weekly chart. This breakout holds promise for an environment that could trigger parabolic rallies.

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For the past five weeks, Dogecoin has pleased investors with green candles and has not climbed to the $0.087 peak. After last week’s selling candle, this week signals a possible reversal. Additionally, we witnessed the weekly RSI breaking the neutral zone and trending downwards.

According to analysis, the optimism for Dogecoin is not exaggerated; it is supported by rapidly increasing trading activity and the previously mentioned accumulation trend. Analysts predict that Dogecoin could gain between 50% and 70% in the near future and reach $0.18 by March 2024.

From a technical standpoint, it is difficult to discuss further increases without reclaiming and solidifying the $0.082 resistance level as a strong support. If this cannot be achieved, the price could drop to $0.067 in December. Meanwhile, the Dogecoin community is planning to send a physical Dogecoin to the moon, which could further increase its popularity on social media (and consequently its price).

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
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