Today’s climb continued at 5.3%, largely supported by bitcoin’s rise to $39,400.
Depending on further developments, we can expect profit taking from $0.10 to $0.12. In such a scenario, Dogecoin could lose up to 15% of its market value.
This is due to the fact that bulls will probably not want to go into the weekend with a large supply of Dogecoin coins in their books. With massive profit taking closer to the close of the US trading session, an accelerated move to $0.10 and monthly S1 support and $0.094 and the red downtrend line is not ruled out.
In a positive development, we might even see a move to $0.13. If the bulls break through this area, the upside potential will be at $0.16.
However, traders should keep in mind that the 55-day simple moving average has been limiting the price movement in the recent past. A daily close above the 55-day SMA would give an extremely bullish signal to the markets and could be the start of an uptrend next week.
Holpop News
Holpop News
The Dogecoin (DOGE) price movement yesterday showed a markedly bullish recovery as buyers jumped at the opportunity to enter the monthly S1 just above $0.10.
posted on February 25, 2022 by holpop in Blockchain
