Advertisement
DogeCoin Breakout Analysis – DOGE Pumps +51% in a Week with Strong Bullish Trend
Dogecoin is trading in active uptrend here like many other altcoins after Bitcoin made a new all-time high. The Cryptocurrency DOGE just went up +25.93% in a single day and surges over +51.13% in a week. Let’s take a quick look at the Dogecoin price analysis and possible reasons for the recent breakout.
What is Dogecoin?
Dogecoin (DOGE) is based on the popular “doge” Internet meme and features a Shiba Inu on its logo. The open-source digital currency was created by Billy Markus from Portland, Oregon, and Jackson Palmer from Sydney, Australia, and was forked from Litecoin in December 2013. Dogecoin’s creators envisaged it as a fun, light-hearted cryptocurrency that would have greater appeal beyond the core Bitcoin audience since it was based on a dog meme. Tesla CEO Elon Musk posted several tweets on social media that Dogecoin is his favorite coin.
DOGE Quick Stats
| SYMBOL: | DOGE |
| Global rank: | 43 |
| Market cap: | $830,033,722 AUD |
| Current price: | $0.0064 AUD |
| All time high price: | $0.0248 AUD |
| 1 day: | +25.94% |
| 7 day: | +51.13% |
| 1 year: | +136.66% |
DOGE Price Analysis
At the time of writing, DOGE is ranked 43rd cryptocurrency globally and the current price is $0.0064 AUD. This is a +51.13% increase since 15th December 2020 (7 days ago) as shown in the chart below.
After looking at the above 1-day candle chart, we can clearly see that Dogecoin was trading inside the falling wedge pattern on the DOGE/BTC pair. The first resistance was on the $0.0049 AUD price levels which DOGE broke with a strong bullish trend buying volume and is now heading towards the next resistance at $0.0073 AUD & $0.0085 AUD respectively. Seeing that many altcoins are waking up bullish today, DOGE is likely to continue the uptrend.
“The falling wedge pattern is a continuation pattern formed when price bounces between two downward slopings, converging trendlines. It is considered a bullish chart formation but can indicate both reversal and continuation patterns – depending on where it appears in the trend”
What do the Technical Indicators say?
The Dogecoin TradingView indicators (on the 1 day) mainly indicate DOGE as a buy, except the Oscillators which indicate DOGE as a sell.
So Why did DOGE Breakout?
The recent rise in Bitcoin over 100% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. Another reason could be the whales, secretly stacking up DOGE to their portfolio for this Altcoins rally. It could also be contributed to some of the recent news of Elon Musk’s Tweet about DOGE
Recent DOGE News & Events:
- 18 February 2020 – 4-Way Fork
- 28 April 2020 – Tidex Delisting
- 10 July 2020 – Bitfinex Listing
- 08 September 2020 – Dogecoin Listed in WhiteBIT
Where to Buy or Trade Dogecoin?
Dogecoin has the highest liquidity on Binance Exchange so that would help for trading DOGE/USDT or DOGE/BTC pairs. However, if you’re just looking at buying some quick and hodling then Swyftx Exchange is a popular choice in Australia.
Author
Malik Junaid
Malik is a skilled writer with a background in Software Engineering. His interests are blockchain, cryptocurrency trading and market analysis.
