Image from: Bravenewcoin
Dogecoin traders are eyeing a potential 10% rally as technical indicators on daily and weekly charts hint at a continuation of its upward trend. In just three days, Dogecoin has surged over 50%, with the data pointing toward further gains. Both on-chain and technical indicators, as well as derivatives market data, reveal that Dogecoin could potentially test its October 2021 highs.
Dogecoin Reaches Three-Year High, Targets Additional 18% Increase
Dogecoin surged to a three-year peak of $0.42200 on November 12, marking the meme coin’s highest value since 2021. With the largest meme coin’s price action showing solid bullish momentum, a further upward trajectory seems likely.
Since early October, Dogecoin’s price has consistently formed higher highs and higher lows, suggesting a sustained bullish trend. Technical indicators, such as the Moving Average Convergence/Divergence (MACD), reveal an upward momentum in Dogecoin’s price action. As a momentum oscillator, MACD assists traders in identifying shifts in a token’s trend, indicating potential overbought or oversold conditions and signaling upcoming reversals. For Dogecoin, MACD’s series of tall green histogram bars above the neutral line points to ongoing positive momentum.
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Similarly, the Awesome Oscillator (AO), typically considered a “lagging” indicator, confirms the strength of Dogecoin’s trend. AO measures market momentum to predict future price moves, supporting the outlook of further gains on Dogecoin’s daily price chart.
DOGE/USDT weekly price chart | Source: Tradingview.com
Dogecoin recently surpassed its October 2021 high of $0.340000 and moved past a critical resistance level at $0.351700, which was the peak in August 2021. The next key resistance level lies at the June 2021 peak of $0.448340, just 9% above Dogecoin’s current price. Breaking through this level could position Dogecoin to target its May 2021 high of $0.739950—a level that represents an 80% potential gain from its current price of $0.410940.
RSI Points to Overbought Conditions, Potential Correction Ahead
The Relative Strength Index (RSI) shows a reading of 92 on the daily price chart, signaling that Dogecoin is in overbought territory and may be primed for a correction. Traders considering long positions in Dogecoin should watch this indicator closely, as overbought conditions often indicate a pullback in price.
The weekly price chart further confirms the ongoing uptrend, showing that Dogecoin has broken out of a range-bound pattern between a lower boundary of $0.08050 and an upper boundary of $0.228880. Across multiple indicators—MACD, AO, and RSI—the analysis aligns with daily chart readings, reinforcing the likelihood of continued upward movement in Dogecoin’s price.
Derivatives Data: Rising Open Interest Signals Positive Sentiment
The derivatives market data for Dogecoin offers more insight into traders’ sentiment. Open interest in Dogecoin futures spiked to $2.86 billion on November 12, the highest level in three years, showing a 38% rise in the past 24 hours. This increase in open interest supports a bullish outlook, as a rise in this metric often correlates with anticipated price gains.
Dogecoin futures open interest | Source: Coinglass.com
Across major exchanges like Binance and OKX, the long/short ratio for Dogecoin futures is above 1, suggesting that more traders are betting on price increases. With bullish sentiment prevailing, traders in the derivatives market appear optimistic about further upward momentum for Dogecoin in the near term.
Whale Activity and Active Addresses Signal Strong Network Engagement
On-chain data also reveals heightened activity among large Dogecoin holders, or “whales.” Spikes in whale transactions were observed on November 6 and 10, as indicated by Santiment data. These transactions often correlate with local price highs, suggesting that significant wallet holders are either accumulating Dogecoin or transferring large amounts between wallets and exchanges.
Dogecoin price vs. whale transaction count | Source: Santiment.com
Additionally, Dogecoin’s count of active addresses has shown notable increases, particularly on November 6 and 10. A rising active address count generally indicates heightened relevance and engagement with the token among crypto traders, further solidifying Dogecoin’s bullish outlook.
Broader Market Dynamics and Strategic Considerations
Dogecoin’s performance is also closely tied to Bitcoin’s price action. When Bitcoin surged to a new all-time high of $89,940 on November 12, Dogecoin followed with its three-year high, benefiting from a correlation coefficient of 0.94 with Bitcoin. Consequently, shifts in Bitcoin’s price and overall market trends could influence Dogecoin’s rally. As the broader crypto market continues to surge, Dogecoin’s trajectory remains promising, although it may face pullbacks aligned with market-wide corrections.
Strategic Insights for Coin Push Crypto Alerts Users
For traders leveraging Coin Push Crypto Alerts, the latest data indicates an opportune time to closely monitor Dogecoin’s technical indicators. While Coin Push does not provide direct buy or sell signals, our analysis offers critical insights to help traders make informed decisions. As Dogecoin experiences high activity from whales and elevated derivatives interest, these signs point toward potential price rallies but also highlight the need for caution in light of possible corrections.
Active addresses and transaction volume | Source: Santiment.com
In summary, Dogecoin’s recent performance, marked by sustained bullish momentum, on-chain activity, and technical strength, positions it for potential new highs in the current bull run. However, traders are encouraged to stay vigilant as overbought conditions may signal a brief correction before the uptrend continues.
For the latest crypto signals and alerts on Dogecoin, Bitcoin, Ethereum, and other altcoins, along with timely insights into the 2024 bull market, Coin Push Crypto Alerts continues to provide in-depth analysis tailored to support strategic trading decisions.
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Disclaimer: The information provided in this article does not constitute investment advice, financial advice, trading advice, or any other advice, and should not be treated as such. Coin Push Crypto Alerts does not recommend buying, selling, or holding any cryptocurrency. Always conduct your due diligence and consult a financial advisor before making any investment decisions.
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There are indications that the crypto will be distributed to players over two years rather than all at once. This approach is likely designed to prevent a rapid drop in price after listing, with the intention that only the “whales” will remain to buy up your coins gradually.
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