{"id":179583,"date":"2023-10-23T23:00:42","date_gmt":"2023-10-23T17:30:42","guid":{"rendered":"https:\/\/dripp.zone\/news\/doge-surges-6-to-0-064-crypto-news\/"},"modified":"2023-10-23T23:00:48","modified_gmt":"2023-10-23T17:30:48","slug":"doge-surges-6-to-0-064-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/doge-surges-6-to-0-064-crypto-news\/","title":{"rendered":"DOGE Surges 6% To $0.064 – Crypto News"},"content":{"rendered":"

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Dogecoin price has sustained a positive outlook for over a week now \u2014 in tandem with Bitcoin and most altcoins. Traders have been turning to tokens such as meme coins which can easily return double-digit gains like DOGE. After rallying 6% in the last 24 hours, Dogecoin price is trading at $0.064.\u00a0<\/span><\/p>\n

The remarkable uptrend from support at $0.0574 is mainly backed by a significant increase in trading volume to $593 million in addition to other bull market indicators like the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI).<\/p>\n

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Assessing Dogecoin Price Double-Bottom Pattern Breakout<\/h2>\n

Interest in Dogecoin started after a longstanding downtrend from highs seen last in April at $0.1 faded with support at $0.0574 and the fake news of the approval of a Bitcoin spot ETF approval by the Securities and Exchange Commission (SEC) early last week.<\/p>\n

Speculation regarding the approval of multiple BTC ETFs<\/a> has rocked the market since BlackRock filed to operate the product in June. Crypto enthusiasts believe that the approval of spot BTC ETFs will trigger a Bitcoin price rally and subsequently fuel the next bull run.<\/p>\n

Improving investor interest has also continued to prop Dogecoin<\/a> and other tokens for substantial price movements, especially now that it is sitting above two key moving averages; the 21-day Exponential Moving Average (EMA) (red) and the 100-day EMA (blue).<\/p>\n

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Exposure to Dogecoin longs should ideally continue as long as the MACD upholds the call to buy the meme coin. Such a buy signal manifests with the MACD line in blue flipping above the signal line in red.\u00a0<\/span><\/p>\n

The RSI, with a strength of 65 confirms the bullish grip which significantly increases the chances of an incoming double-bottom pattern breakout.<\/p>\n

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As a reversal pattern, the double-bottom forms toward the end of a downtrend. Two troughs reinforce the support which is tested twice, followed by a rebound.<\/p>\n

In Dogecoin\u2019s case, the ongoing uptrend<\/a> is a result of the double-bottom support at $0.0574 tested in June and October. A break above the neckline resistance will complete the pattern ahead of a sharp upswing of approximately 38.85% to $0.1.<\/p>\n

The breakout target is calculated by measuring the height of the pattern extrapolated above the neckline resistance.<\/p>\n

Some of the milestones traders should be looking out for would be a daily close above the immediate 100-day EMA support, a break above the 200-day EMA resistance, and consequently the neckline hurdle.<\/p>\n

On the other side of the fence, investors may prefer to close their positions if traders book profits. Declines below the 100-day EMA support at $0.0642 could trim the chances of a rally making it to $0.1 while selling pressure intensifies losses to $0.06 and the double-bottom support at $0.0574.<\/p>\n

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