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EMA Breakout Signals Dogecoin May Rally to $1.10 Soon
As we dive into the latest developments in the crypto market, a crucial signal has emerged for Dogecoin (DOGE) enthusiasts. Fresh data suggests that DOGE may be on the cusp of an unprecedented rally, potentially breaking through the $1.10 barrier.
The recent weekly close above the 13-day Exponential Moving Average (EMA13) echoes historical patterns seen in both 2023 and 2024. This technical indicator’s crossover has consistently preceded a bullish impulse, fueling the speculation that DOGE is now firmly entrenched in a full-fledged bull market.
Moreover, crypto analyst Master Ananda highlights that DOGE has conclusively left the 200-day moving average (MA200) behind, signaling the end of its consolidation phase. As the price continues to soar beyond this key indicator, it becomes increasingly evident that the momentum is shifting back towards an uptrend.
The weekly EMA13 crossover holds particular significance as it mirrors previous occurrences in October 2023 and September 2024, where DOGE triggered a bullish wave and subsequently set new highs. The recent re-closure above the 13-day MA has sparked renewed hope among investors and traders alike.
A concurring view is held by on-chain analyst Ali Martinez, who observed a buy signal emanating from the TD Sequential indicator on the DOGE/USDT hourly chart. This development, paired with the potential for increased buying pressure in the near future, further bolsters the notion that a rebound may be imminent.
It’s worth noting that despite this optimistic outlook, a significant slowdown has been detected within the Dogecoin derivatives market. According to CoinGlass data, DOGE derivatives trading volume has plummeted 10.25% over the past 24 hours, accompanied by an Open Interest drop of 7.79%. Additionally, options trading volume has decreased by a staggering 55.94%, indicating that institutional investors or large speculators are hesitantly committing to new positions.
While this decline in derivatives activity may be viewed as a red flag for some investors, many experts argue that the retail market is already taking the reins. Asian traders, who have historically played a crucial role in DOGE’s price movements, showed an intense surge of trading volume and long position-taking last month, resulting in a record-breaking 51% increase to $1.71 billion.
As we anticipate a future filled with unprecedented possibilities for Dogecoin, investors would do well to heed the warnings being sounded by experts who are predicting an imminent breakout.
Source: www.crypto-news-flash.com
