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Dogecoin, a popular cryptocurrency rooted in internet memes, has gained a dedicated community of followers and increased in value. Celebrity endorsements, such as from Elon Musk, and mainstream adoption as a payment method have contributed to its growth. As of June 17, 2023, Dogecoin’s trading value was $0.062569, with fluctuations throughout the week. Over the past 30 days, it has seen a 15.7% decline, but in the weekly charts, it registered a 5.5% growth. Similar growth trends have been observed in other alternative cryptocurrencies. Overall, Dogecoin’s recent performance has boosted investor confidence.
This article originally appeared on www.newsbtc.com
Dogecoin Signal Bullish Momentum On Daily Chart, What’s Next?
Dogecoin, the cryptocurrency originally created as a joke, has been making waves in the crypto market lately. Its price has been soaring, and investors are taking notice. Recently, Dogecoin has been showing bullish momentum on the daily chart, indicating that there may be further gains to come. But what’s next for this meme-based coin?
On the daily chart, Dogecoin has experienced a sharp uptrend over the past few weeks. The coin has been making higher highs and higher lows, a clear indication of bullish momentum. In addition, the price has recently broken through a key resistance level, further affirming its upward trajectory.
Another factor contributing to Dogecoin’s bullish momentum is the increasing volume. Volume refers to the number of shares or contracts traded in a security or market during a given period. In the case of Dogecoin, the rising volume indicates increased interest and participation from traders and investors. This surge in volume is a positive sign and suggests that the momentum is supported by market participants.
Furthermore, the Relative Strength Index (RSI) for Dogecoin is showing a bullish divergence. The RSI is an indicator that measures the strength and speed of a price movement. A bullish divergence occurs when the price makes a lower low, but the RSI makes a higher low. This suggests that the selling pressure may be waning, and a potential reversal to the upside could be imminent.
So, what can we expect next for Dogecoin? Based on the current bullish momentum and technical indicators, it is reasonable to anticipate further upward movement in the near term. However, as with any investment, there are risks involved. Cryptocurrencies can be volatile, and sudden market fluctuations can always impact the price.
It is worth noting that Dogecoin’s recent popularity can partly be attributed to endorsements and attention from notable figures, including Elon Musk and Mark Cuban. These endorsements have contributed to the surge in interest and demand for Dogecoin. However, it is essential for investors to conduct their research and make informed decisions rather than relying solely on the endorsements of influencers.
In conclusion, Dogecoin is currently showing bullish momentum on the daily chart, indicating potential further gains. The rising price, increasing volume, and bullish divergence all point to a positive outlook for the meme-based coin. However, it is crucial for investors to remain cautious and aware of the risks involved in the volatile cryptocurrency market.
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