Dogecoin (DOGE) Signals Potential Price Increase as Key Indicators Turn Positive
- Anlyst Ali Mrtinz highlights th RSI brking downwrd trnd, indicting shift to bullish momntum for Dogecoin (DOGE).
- DOGE must surpss th $0.11 rsistnc lvl to trgt potntil pric incrs of 41.27%, rching ovr $0.145.
- Lrg holdrs incrsd DOGE holdings by 39% this wk, with 70% of th supply now profitbl, rflcting rising invstor confidnc
Dogecoin (DOGE), th lding mm cryptocurrncy by mrkt cp, shows signs of possibl brkout in th nr futur, s notd by crypto nlyst Ali Mrtinz. In Sptmbr 19 post, Mrtinz idntifid two significnt tchnicl indictors tht could driv DOGEs pric highr.
Firstly, th Rltiv Strngth Indx (RSI) on th dily chrt is brking downwrd trndlin, signling potntil shift from brish to bullish momntum. This dvlopmnt suggsts growing buying intrst mong invstors.
Scondly, it is ssntil to monitor whthr Dogecoin cn brk through th $0.11 rsistnc lvl. Mrtinz nticipts tht if DOGE surpsss this thrshold, th pric could ris from $0.1047 to ovr $0.145, indicting potntil incrs of pproximtly 41.27%.
On-chin dt indicts notbl ris in lrg holdr inflows for DOGE this wk. Addrsss holding ovr 0.1% of th totl supply, known s whls, hv incrsd thir DOGE holdings by 39% in just svn dys. This ctivity rflcts growing confidnc in th futur of th mm coin.
Additionlly, dt from Sntimnt rvls tht significnt shr of th circulting DOGE supply is now profitbl. Currntly, ovr 102 billion Dogecoin, which ccounts for pproximtly 70% of th totl supply, is in profit for invstors. This ris in profitbl holdings mrks shift in sntimnt mong th DOGE community, suggsting incrsing optimism bout its futur.
Dogecoin Navigates Key Support Level
As of now, DOGE is vlud t $0.106, showing 7.07% ris ovr th lst four dys. This rcnt uptick ligns with th Fdrl Rsrvs xpctd intrst rt cut on Sptmbr 18. Furthrmor, DOGE is firmly positiond bov th vitl 50-dy xponntil moving vrg (EMA) t $0.105, which cts s significnt support lvl.
Should DOGE continu to sty bov th 50-dy EMA, th nxt objctiv my b th 100-dy EMA t $0.113, which srvs s rsistnc. A clr brkout bov this thrshold could indict substntil shift in mrkt trnds, potntilly proplling prics to $0.15 in th nr futur.
Th moving vrg convrgnc divrgnc (MACD) indictor for Dogecoin suggsts positiv outlook. Th MACD lin is positiond bov both th signl nd zro lins, rflcting strong buying ctivity tht my driv th currnt pric incrs. Morovr, th Chikin Mony Flow (CMF) for DOGE rgistrs t 0.17, indicting modrt bullish sntimnt nd th possibility of furthr pric gins.
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Text source: TronWeekly
