Briefly –
- DOGE had its price hitting a cap, creating a double top around $0.35.
- Price correction happens as buyers took their profits.
- Dogecoin saw its price rallying higher as buyers came to rescue the meme coin from its lows. That way, they lifted the canine-themed crypto to create a green uphill trend-line. Moreover, Dogecoin validates the 200-day SMA as its support.
Such factors attracted buyers willing to take the altcoin's price higher. The movements happened between 5 August and 7 August.
DOGE Hits a Ceiling, But Accumulating Momentum to Break Out
The recent rally by Dogecoin depicted healthy moves with slight pauses but no substantial corrections. Optimistic buyers that wanted to support the upside moves had to pause until 18 August for a chance to join the market. The asset tested the green increasing trend-line. Meanwhile, the candle formation suggests that buyers claimed short positions. The positions came from the sellers that wanted to take the price down.
However, today's price actions show a sudden consolidation as the lows and highs experience squeezes. Analysts expect that buyers that joined at $0.28 not to book their profits to close their longs. DOGE will then move to test $0.35. With that, buyers will not exit their trades quickly.
Dogecoin appears ready to break in any direction. For now, the altcoin requires buyers' support, adding their long positions or entering the market, for moves towards higher targets. With that, the meme asset will have a somewhat clear path to $0.35. That would translate to a triple top limit. Such actions will force sellers to exit their positions for DOGE to enjoy lucrative upswings towards $0.38.
If the green upside trend-line fails to hold, DOGE will have some support from the double moves by the 200-day and 55-day SMAs.
On other altcoin speculations, analysts expect Algorand (ALGO) to hit $1.3 in the coming days. That shows how individuals are optimistic as far as the crypto space is concerned.
For now, the overall market sentiments will be crucial to decide the next moves by digital coins. Meanwhile, the market depicts indecisiveness.
What are your views on meme coins and crypto in general? You can share your thoughts in the section below.
