CandleFocus As Dogecoin Records 29% Gain, Is a New 52-Week High on the Horizon?
2024-11-06
Author: Content Editor
Dogecoin has experienced a significant surge of 29.41% in the past 24 hours, crossing the $0.20 mark. This surge occurs as Bitcoin surpasses $75k and Donald Trump leads the U.S. presidential race. There is speculation that Dogecoin may reach a new 52-week high above $0.2289. Technical analysis shows that Dogecoin has seen a falling-wedge breakout rally with a higher high and higher low formation. The 50-day and 200-day moving averages indicate a bullish crossover, and the MACD and signal lines are avoiding a negative crossover. The 4-hour chart displays a bullish flag pattern breakout, suggesting a potential 20% upside in the short term. However, there is also a 13.53% downside risk if there is a retest of the previous swing high at $0.1797.
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