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Kalkine Media ASX Share Market News & Research

Dogecoin (DOGE) braces for impressive rally this week: here’ why

February 05, 2024 02:29 PM IST | By Invezz
Dogecoin (DOGE) braces for impressive rally this week: here’ why
Image source: Invezz

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The cryptocurrency market remained calm, with top digital coins recording minor price movements on their daily charts. Meanwhile, stars seem to align for Dogecoin (DOGE) to record remarkable price surges.

Dogecoin’s bullish shrink

The meme coin prints a descending triangle (with the 200-day Exponential Moving Average as its baseline) as it maintains lower high trends. Further, the plunging trading volume suggests a sideways continuation for DOGE prices.

Source – TradingView

Nonetheless, the daily chart shows an increasing Relative Strength Index divergence, suggesting bullish surges for Dogecoin in the upcoming sessions. The meme token traded at around $0.07875, beyond the 200-day EMA.

Dogecoin continues to attracts new addresses

The original meme token has attracted attention due to its parabolic rise in network activity since newly created wallets hit all-time highs. The latest stats show more than 890,000 new addresses joined the DOGE ecosystem over the last week.

The remarkable jump matches Dogecoin’s 86% adoption rate, with new users completing their first execution on the network. Doom video game release and the anticipated DOGE-1 launch catalyzed the eye-catching growth.

While the altcoin’s price didn’t reflect the surged network activity, the new players would propel DOGE upon broad market recovery.

Moreover, crypto analyst Ali commented on the imminent uptick in DOGE’s price volatility. The 4-hour chart Bollinger Bands witnesses the tightest squeeze since October last year. That supports possible breakouts before swift upswings.

Nonetheless, sidelined traders should wait for a breakout in either direction for entry signals.

Analysts use narrowing Bollinger Bands to forecast low volatility followed by intensified market activity. Tightening bands indicate price consolidation within a constricted range. Historically, such developments have preceded significant price actions, making it a vital indicator for investors.

The post Dogecoin (DOGE) braces for impressive rally this week: here’ why appeared first on Invezz

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