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Dogecoin has gained by 7% amid an elevated whale exercise
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The meme token is the greatest gainer in the high ten cryptocurrencies by market cap
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DOGE has damaged above a descending trendline however is presently overbought
Dogecoin DOGE/USD added greater than 7% over the weekend. The soar helped it to turn into the high gainer in the high 10 crypto bracket. Despite the lack of clear fundamentals, Dogecoin is understood to tug strikes even throughout a bearish market. At a time Bitcoin and different main cryptos are on a downturn, buyers could possibly be discovering an escape by means of DOGE.
An IntoTheBlock knowledge 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 per week. DOGE additionally added 6 new whales in the week. The addition of whales coincided with a low price of $0.05. It signifies that whales had been discovering DOGE engaging at the low valuation.
A 4-hour chart outlook exhibits DOGE on an uptrend
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Source – TradingView
From the 4-hour chart, purchaser exercise on DOGE elevated as the token bottomed under the bearish trendline. A bullish surge adopted, pushing the price to interrupt above the trendline. The meme token additionally broke above the shifting 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.
Buyers will attempt to take DOGE again to $0.07 after the breakout. However, the journey to $0.07 will likely be characterised by potential short-term corrections as DOGE is presently overbought.
Concluding ideas
A retracement in the direction of the breakout zone is a chance to purchase DOGE. The bullish momentum is robust, however the price is but to achieve the key resistance at $0.07.
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