Ripple’s XRP Has Suddenly Rocketed Higher In WallStreetBets Price Surge After Massive Dogecoin Crash
  • Dogecoin price needs to reconquer a critical support level to aim for a rebound.

  • The digital asset faces only one big resistance level before a potential breakout to $0.09.

  • However, the interest in Dogecoin has significantly declined in the past few weeks.

It seems that Elon Musk might actually end up endorsing Dogecoin as the concentration of whales isn’t as bad as previously believed. The biggest whale is Robinhood which purchased Dogecoin to offer trading to its users in 2018.

In his last tweet, Elon Musk stated that he will fully support Dogecoin if the concentration of whales diminishes. However, since there aren’t that many large individual holders, perhaps Musk is closer than expected to endorse the digital asset.

Dogecoin price aims for a rebound to $0.09
On the 12-hour chart, Dogecoin bulls are fighting to push the digital asset above the 26-EMA resistance level. A rebound from this point at $0.057 would be significant.

The In/Out of the Money Around Price (IOMAP) chart shows that the strongest resistance area is located between $0.058 and $0.06. If Dogecoin price can climb above this point, it can quickly reach $0.09 again

Additionally, there is a symmetrical triangle pattern formed on the 12-hour chart that broke bullish. A candlestick close above $0.055 would confirm it. The price target is around $0.094, a new all-time high for Dogecoin.

 

However, the IOMAP model also shows that losing the key support area between $0.0533 and $0.055 would be devastating and could likely send Dogecoin price down to $0.048. 

 

Clearly, the interest in Dogecoin has faded away. The number of large transactions has significantly decreased in the past two weeks from a peak of 16,260 per day on January 29 to only 1,400 currently.

 

DISCLAIMERInformation on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

SOURCE: fxstreet

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DOGE is ready for new all-time highs after crucial rebound

Posted by Our Staff 2 on February 19, 2021

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Ripple’s XRP Has Suddenly Rocketed Higher In WallStreetBets Price Surge After Massive Dogecoin Crash
  • Dogecoin price needs to reconquer a critical support level to aim for a rebound.

  • The digital asset faces only one big resistance level before a potential breakout to $0.09.

  • However, the interest in Dogecoin has significantly declined in the past few weeks.

It seems that Elon Musk might actually end up endorsing Dogecoin as the concentration of whales isn’t as bad as previously believed. The biggest whale is Robinhood which purchased Dogecoin to offer trading to its users in 2018.

In his last tweet, Elon Musk stated that he will fully support Dogecoin if the concentration of whales diminishes. However, since there aren’t that many large individual holders, perhaps Musk is closer than expected to endorse the digital asset.

Dogecoin price aims for a rebound to $0.09
On the 12-hour chart, Dogecoin bulls are fighting to push the digital asset above the 26-EMA resistance level. A rebound from this point at $0.057 would be significant.

The In/Out of the Money Around Price (IOMAP) chart shows that the strongest resistance area is located between $0.058 and $0.06. If Dogecoin price can climb above this point, it can quickly reach $0.09 again

Additionally, there is a symmetrical triangle pattern formed on the 12-hour chart that broke bullish. A candlestick close above $0.055 would confirm it. The price target is around $0.094, a new all-time high for Dogecoin.

 

However, the IOMAP model also shows that losing the key support area between $0.0533 and $0.055 would be devastating and could likely send Dogecoin price down to $0.048. 

 

Clearly, the interest in Dogecoin has faded away. The number of large transactions has significantly decreased in the past two weeks from a peak of 16,260 per day on January 29 to only 1,400 currently.

 

DISCLAIMERInformation on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

SOURCE: fxstreet

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