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Friday, December 9, 2022
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    HomeMarketDogecoin DOGE/USD prediction as price breaks above the descending trendline

    Dogecoin DOGE/USD prediction as price breaks above the descending trendline

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    • Dogecoin has gained by 7% amid an elevated whale exercise 

    • The meme token is the largest gainer within the prime ten cryptocurrencies by market cap

    • DOGE has damaged above a descending trendline however is at present overbought

    Dogecoin DOGE/USD added greater than 7% over the weekend. The bounce helped it to change into the highest gainer within the prime 10 crypto bracket. Regardless of the dearth of clear fundamentals, Dogecoin is thought to drag strikes even throughout a bearish market. At a time Bitcoin and different main cryptos are on a downturn, traders might be discovering an escape by means of DOGE. 

    An IntoTheBlock information on Friday confirmed that whales had been accumulating Dogecoin. As of September 23, the variety of 100 million to 1 billion DOGE holders rose by 5.13% in every week. DOGE additionally added 6 new whales within the week. The addition of whales coincided with a low worth of $0.05. It signifies that whales had been discovering DOGE engaging on the low valuation. 

    A 4-hour chart outlook reveals DOGE on an uptrend

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    Supply – TradingView

    From the 4-hour chart, purchaser exercise on DOGE elevated because the token bottomed under the bearish trendline. A bullish surge adopted, pushing the value to interrupt above the trendline. The meme token additionally broke above the transferring averages. A 20-day MA crossover above the 50-day MA helps the upside potential. From a technical perspective, a bullish reversal has been confirmed on DOGE after the breakout. 

    Consumers will attempt to take DOGE again to $0.07 after the breakout. Nevertheless, the experience to $0.07 shall be characterised by potential short-term corrections as DOGE is at present overbought.

    Concluding ideas

     A retracement in direction of the breakout zone is a chance to purchase DOGE. The bullish momentum is powerful, however the worth is but to achieve the important thing resistance at $0.07.



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